Select Topic, A of Surat consigned goods to B of Jaipur to be sold at or above invoice, Accounting Basics

Select Topic, Accounting Basics

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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.

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Select Topic, Accounting Basics

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