Question

11/1.65
ACCOUNTING FOR CONSIGNMENTS
15. Rajhans of Delhi purchased 5,000 metres of cloth for 1,00,000 of which 2,500 metres
were sent on consignment to Superfab of Agra at the selling price of 30 per metre.
Consignor paid * 2,500 for freight and for packing.
Superfab sold 2,000 metres at 40 per metre and paid 1,000 for selling expenses. It is
entitled to a commission of 5% on total sale proceeds plus a further 20% on any surplus
price realized over 30 per metre.
Owing to fall it he market price, the cost of stock of cloth in hand is to be reduced by 10%.
Prepare Consignment account, Superfab's account in the books of Rajhans.
Ans. [Profit * 28,000, Value of Stock = (...) 14,500; Balance due from Superfab71,000]​

Answer 1

Answer:

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Answer 2

Answer:

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