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

Show the nature of business operations, Q. Show the nature of business oper...

Q. Show the nature of business operations? The nature of business operations that influences the proportion of fixed costs to total costs. Capital intensive business operations

Limited liability company, Limited Liability Company (LLC) - Form of doing ...

Limited Liability Company (LLC) - Form of doing business combining limited liability for all owners (known as members) with taxation as a PARTNERSHIP. An LLC is formed by filing AR

Bad debts, how to do the calsulations for bad debts

how to do the calsulations for bad debts

Seller-buyer-seller’s bank and buyer’s bank, I am facing some problems in ...

I am facing some problems in my assignment of Seller, Buyer, Seller’s Bank, and Buyer’s Bank. Can anybody suggest me the proper explanation for it? a. Draw the diagram of the tr

Consolidating Accounting, I have an assignment in consolidation accounting ...

I have an assignment in consolidation accounting and would like to know if you can assist me in doing the assignment for me. I am doing BA in Accounting . Please let me know. Re

What is its ending retained earnings balance, Q. The following selected amo...

Q. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What i

Statement of cash flows, Statement of Cash Flows - A statement of cash flow...

Statement of Cash Flows - A statement of cash flows is one of the fundamental financial statements which is required as part of a complete set of financial statements prepared in c

Business risk in company, Q. Business risk in company? Business risk is...

Q. Business risk in company? Business risk is the likelihood of a company experiencing changes in the level of its profit before interest as a result of changes in turnover or

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