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Prepare the consignment to madra

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Reference no: EM132908913

Dutt of Delhi makes sewing machines at a cost of. On 1st January, 1994 he consigned of them, invoice price to Khan at Madras to be sold on behalf of Dutt, Khan receiving a commission of 8% on Sales plus 2% Del credere and 10% of any profit that may remain on the basis of invoice price. Khan was to bear all expenses after the machines reach his godown. Dutt incurred Rs. 500 as forwarding expenses and insurance.

  • 10 machines were damaged during transit for which Dutt received Rs. 1,050 from insurers. Khan took delivery of remaining machines paying Rs. 1,140 as freight, octroi duty, cartage, etc. (Subsequently he also paid Rs. 500 as storage and other charges).
  • Khan sold 160 machines @ Rs. 180; 100 of them on credit out of which the proceeds of 5 machines could not be received because of the disappearance of the customer. Khan remitted the amount due to Dutt.

Problem 1: You are required to prepare the Consignment to Madras A/c and Khan's

Reference no: EM132908913

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