Question

4 in 1 (1.Com - 11
129
Principles of Accounting
X consigned 1000 wall clocks to his agent at Karachi at Rs. 300 each. He paid freight Rs.
20,000 and insurance in transit Rs. 3000. During the transit 100 wall clocks were totally
damaged by fire. Consignee took delivery of remaining wall clocks and paid Rs. 1530 for
octri duty.
The consignee sent a bank draft for Rs. 1,00,000 as advance payment and later an account
sales showing the 800 wal clocks were sold for Rs. 400 each. Expenses incurred on godown
rent and advertisement etc. amount Rs. 4000. The consignee is entitled to get commission of
5%. Prepare consignment account and consignee's account in the books of X assuming that
the claim of insurance was settled for Rs. 28,000.
(FSD-16)​

Answer 1

Answer:

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