Question

20. A consigned to B on Ist January, 2016, 500 bales of cotton costing * 100 per bale. Freight charges
Ans. Consignment Profit 14,516]
incurred on the consignment were 25,000. A drew a bill on B for 250,000 payable on 30th June,
2016 which B accepted. The bill was discounted by A with his bankers on 31st January 2016 at 12
per cent p.a.
B rendered account to A on 31st March, 2016 showing sales of 300 bales for * 80,000 and selling
expenses 7 5,000, B's commission was 10%. On this date B remitted to A the net amount due to
him.
On 31st May, 2016 B sold the balance stock for ? 30,000 after incurring expenses of
* 4,000. He remitted * 20,000 to A, the balance being treated as commission earned by him. On
30th June, 2016. The bill accepted by B was dishonoured by him and the amount due to the bank
was paid off by A along with incidental charges of * 200.
Pass journal enteries in the books of A (including bank transactions).
[Ans. Consignment profit * 32,000]​

Answer 1

Answer:

DATE:

I enter the following transaction in an

analytical pretty cash book under

inprest system and Balarce it

1-2-2017 Received cheque

3-2-2017 Receired postal stamp

15-2-2017 paid carriage on pa

parcels 30

20-2-2017 Parcheesed office files and paper 15

25-2-2017 Paid foon office charing

paid feer advertisement

2 od

2

ho

usDATE:

I enter the following transaction in an

analytical pretty cash book under

inprest system and Balarce it

1-2-2017 Received cheque

3-2-2017 Receired postal stamp

15-2-2017 paid carriage on pa

parcels 30

20-2-2017 Parcheesed office files and paper 15

25-2-2017 Paid foon office charing

paid feer advertisement

2 od

2

ho

us

29- 2- 2017

29- 2- 2017

Answer 2

Answer:

profit 32000

Explanation:

500 bales,100 per bales, freight charges 5000,