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

Characteristics of a will-executorship laws and accounts, Characteristics o...

Characteristics of a will 1) Dispositionary:  A will disposes the deceased’s property. 2) Formality:   For a will to be valid, it  must be written and signed by the d

.ratio, what is use of accounting ratios?

what is use of accounting ratios?

EDP, For what EDP is using in accounting

For what EDP is using in accounting

Which product should harper tell its sales personnel, Harper Co. provided t...

Harper Co. provided the following information concerning two products: contribution margin per unit- product 12 $46 Contribution margin per unit-product 43 $30. Machine hours requi

rate of interest and discount rate, This is partly taken from a court case...

This is partly taken from a court case where one of my colleagues was a witness. Suppose that an employee is terminated without cause and that she sues the company for compensation

#title Accounting.., The business changed their policy with regards to the ...

The business changed their policy with regards to the profit mark-upfrom 2018 to 2019 financial year. What was the changed.

Determine the goodwill calculation, A company purchased 16 million shares (...

A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows:    1 share in

Changes in accounting estimates-financial statement, Changes in accounting ...

Changes in accounting estimates In preparing financial statements, it may be difficult to arrive at exact values for certain items to be presented in the financial statements and

Modern advanced accounting, Problem 1 (28 marks) Pre-Contribution Balance ...

Problem 1 (28 marks) Pre-Contribution Balance Sheets and Fair Values June 30, 20X9 (in thousands of $) Swag Co. Perk Ltd. Pre- Contribution Fair Value Pre- Contributi

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