consignment account, Financial Accounting

Assignment Help:
A of surat consigns 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 acepted as bill of exchange drawn by A amounting to 50% of the invoice price.
in the year 2010 goods consigned by A were invoiced at 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 year goods unsold with B represented an invoice value of RS.60,000. during the year,A had recieved from B RS.40,000. by bank drafts,certain remmittences being in transit on 31st december,2010. prepare necessary ledger accounts in the books of both the parties.also show how the consignment stock will appear in the balancesheet.

Related Discussions:- consignment account

What are the organization expenditures, Q. What are the Organization Expend...

Q. What are the Organization Expenditures? Organization Expenditures -Costs of organizing a business or trade or for profit activity before it begins active business. A taxpaye

Prepare journal entries to record liquidation transaction, The following t...

The following transactions transpire during the liquidation of the Marks, Norris, Smith, and Savannah partnership: • Collected 90 percent of the total accounts receivable with the

Net investment and single net cash flow, Would you invest in a project that...

Would you invest in a project that has a net investment of $14,600 and a single net cash flow of $24,900 in 5 years, if your required rate of return was 12 percent?

Evaluate value of rights per existing share, Q. Evaluate Value of rights pe...

Q. Evaluate Value of rights per existing share? Rights issue price = 4·00 × 0·85 = $3·40 Theoretical ex rights price = ((5 × 4·00) + 3·40)/6 = $3·90 Value of rights per e

The coupon interest rate, Jackson Corporation's bonds have 12 years remaini...

Jackson Corporation's bonds have 12 years remaining to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 10.5%. The bonds have a

Rental loss, Jane makes a living renting expensive state of the art surveil...

Jane makes a living renting expensive state of the art surveillance equipment to detectives and nervous spouses. Her average rental period is 27 days. The rental price includes all

Calculate the weighted average cost, The following information is available...

The following information is available about the capital structure of Cheng & Davis Development (CDD). Capital Structure Current Target

How useful is accounting information, How useful is accounting information?...

How useful is accounting information? No one would seriously claim that accounting information fully meets all of the needs of every various user groups. Accounting is still a

Weighing up the costs and benefits, Weighing up the costs and benefits ...

Weighing up the costs and benefits You may feel that, when considering a piece of accounting information, provided four main qualities identified are present and it's material

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