Question

212 SELECTED PROBLEMS ON FINANCIAL ACCOUNT 4. On 1st January, 2019, Amar Mills of Kolkata consigned 5,000 kg. vanaspati ghee to Vijay Store Chennai. Each kg ghee costs 8. Amar Mills paid 50 as carriage, 250 as freight and 72 insurance. During transit 500 kg, were accidentally destroyed for which the insurance company directly to the consignor 2,500 in full settlement of the claim. On 1st April 2019, Vijay Stores of Chennai reported that 3,500 kg. ghee were sold @ 29-50 per kg their expenses being : godown rent 500 and salesman's salary 750. Vijay Stores is entitled to commission on sales. Vijay Stores also reported a loss of 20 kg. due to leakage. Show ( Consignment to Chennai account ; (6) Vijay Stores account; (iii) Consignment stock a in the books of consignor. (Working notes are essential.) ​

Answer 1

Explanation:

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