Select Topic, Accounting Basics

Assignment Help:
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price realized. B accepted a bill of exchange drawn by A amounting to 50% of the invoice price.
In the year 2010 goods consigned by A were invoiced ar Rs.2,50,000. These goods cost to A Rs.2,00,000 (including freight). Sales made by b during the year amounted to Rs.2,35,000. At the end of the hyear, goods unsold with B represented an invoice value of Rs.60,000. During the hyear, A had received from B Rs.40,000 by bank drafts, certain remittances being in transit on 31st Dec., 2010. Prepare necessary ledger accounts in the books of both the parties. Also show how the consignment stock will appear in the Balance Sheet.

Related Discussions:- Select Topic

ACCRUAL CONCEPT, WHAT DO YOU MEAN BY ACCRUAL CONCEPT

WHAT DO YOU MEAN BY ACCRUAL CONCEPT

Split common stock 4 to 1 and reduced, Split common stock 4 to 1 and reduce...

Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.

Operational research, the scope of operation research in modern management

the scope of operation research in modern management

Distributions to owners, Distributions to owners are reducing in equity of ...

Distributions to owners are reducing in equity of a particular business enterprise resulting from transferring rendering services, assets or incurring liabilities by the enterprise

H.W, BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 ...

BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 GRADING: Worth 15 points. Partially credit will only be given if you attempt all requirements a through g lis

Find the balance at the end of 6 years of $5000 investment, Find the balanc...

Find the balance at the end of 6 years of $5000 investment in an account with a nominal annual rate of interest of 2.5% compounded quarterly over the first two years and then gro

Determining the discount rate, Determining the Discount Rate XYZ (APP)...

Determining the Discount Rate XYZ (APP) Ltd is a biotechnology company that recently listed on the Australian Securities Exchange (ASX). As such, XYZ Ltd has very limited stoc

What is prepaid expense, Q. What is Prepaid expense? A prepaid expense ...

Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of

Profit and loss account concepts, PROFIT AND LOSS ACCOUNT CONCEPTS: The...

PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki

What is date column in journal, Q. What is Date column in journal? The ...

Q. What is Date column in journal? The first column on every journal page is for the date. Intended for the first journal entry on a page this column contains the year and mont

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd