15. Srinivas of Srinagar consigned 10,000 cases of tinned fruits costing Rs.75,000 to Kiran of
Kanpur on 1-1-2020 charging him a pro forma invoice price to show a profit of 25% on sales.
Srinivas paid Rs.6,000 towards freight. During the half year ending June 30, 2020Kiran incurred
Rs.4.000 expenditure and reported sales of 8,000 cases for Rs. 82,000. Kiran was entitled to
a commission of 5% on sales. He has sent a demand draft for the balance due to Srinivas.
Prepare the necessary ledger accounts in the books of Srinivas.
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Answer:Srinivas of Srinagar consigned 10,000 cases of tinned fruits costing Rs.75,000 to Kiran of
Kanpur on 1-1-2020 charging him a pro forma invoice price to show a profit of 25% on sales.
Srinivas paid Rs.6,000 towards freight. During the half year ending June 30, 2020Kiran incurred
Rs.4.000 expenditure and reported sales of 8,000 cases for Rs. 82,000. Kiran was entitled to
a commission of 5% on sales. He has sent a demand draft for the balance due to Srinivas.
Prepare the necessary ledger accounts in the books of Srinivas.
Explanation:
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