User Account

All Pages

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

Company law, I want a company law assignment

I want a company law assignment

Interested in assignment work, i want to work for online assignments in bas...

i want to work for online assignments in basic accountancy

One of the underlying assumptions of the eoq model is that, There is a poin...

There is a point where stockholding costs are equivalent to ordering costs

Retiring partner, what all things do we have to treat in revaluation accoun...

what all things do we have to treat in revaluation account

capital structure of wild west inc., The capital structure of Wild West In...

The capital structure of Wild West Inc. is as follows: -    Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and present price at par -    Preferred shares: $2,000

Learning objectives of current ratio, Q. Learning objectives of current rat...

Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie

Cash selling and administrative expenses, Stewart Company sold 180 units @ ...

Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available:   The

Prepare an income statement for the current year, The assets and liabilitie...

The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below.  On April 1, 2010, the

Investments by owners, Investments by owners are raise in equity of a parti...

Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership

What is consistency, Q. What is Consistency? Consistency in general req...

Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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