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

What is acounts receivable ledger, What is ACOUNTS RECEIVABLE LEDGER Bu...

What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts

Accounting treatment of CST, What is journal entry for Input CST which are ...

What is journal entry for Input CST which are paid at the time of purchases of goods from other state.

The formula for computing additional paid-in capital, The formula for compu...

The formula for computing additional paid-in capital in excess of par is shares of stock times Saturday

What is the mission of the accounting and finance, what is the mission of t...

what is the mission of the Accounting and Finance Functional Area

Journal entry , Acquired a shop on monthly rent for Rs. 3,000 after paying ...

Acquired a shop on monthly rent for Rs. 3,000 after paying cash Rs. 36,000 as advance rent ??

Treatment of fire insurance claim received , journal entry fire insurance c...

journal entry fire insurance claim received for previous year is 50% of its original claim

Illsutarte the summary of transactions, Q. Illsutarte the Summary of transa...

Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto

#title.Credit note., what is meant by credit note

what is meant by credit note

Methods be treated on the financial statements, Honesty AL, CPA, is compil...

Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "invent

What are simple journal entries, Q. What are simple journal entries? To...

Q. What are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts

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