Question

01-10-2013, goods costing 55,000 were consigned by kishore lal to his agent Surinder lal at proforma invoice price of 25% profit on cost. Kishore lal paid insurance and other forwarding expenses amounting to 2,500. Surinder lal was allowed 1,600 p. a. being the establishment cost; On 5% commission on gross sales; 3% del-credere commission as well. He was also allowed 10% of net profit as extra commission after charging such commission. Surinder lal made an expense of 508 as landing charges. 1/16 was damaged as normal loss. 3/4 th of the goods were sold at 33.33% profit on cost—half of which were credit sales. Half of the balance of the goods was destroyed by fire and a claim was settled at 7,151. Stock was valued at proforma invoice price. Show the Consignment Account, Consignee’s Account as on 31-12-2013 in the books of kishore lal

Answer 1

Answer:

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