Question

62.
Value of Stock on Consignment 51,316, Amount received from Ramesh and Co. 81,750)
Modern Breweries of Bombay, consigned 5,000 litres of liquor to Saha Brothers of Calcutta on Ist
February, 2016. The goods are charged at a proforma invoice of 2,00,000 including profit of
20% on invoice price. Modern Breweries paid 5,000 as freight and insurance charges. During
transit 200 litres were destroyed for which the insurance company paid directly to the consignor
*5,000 in full settlement of claim.
On 25 th February, Saha Brothers paid for carriage and clearing charges 3,100 and sent to the
consignor a bank draft for 40,000 as advance. Other expenses paid by consignee were : godown
rent 1,200 and salesman salary 900. Saha Brothers were entitled to a commission of 4% plus
2% delcredere commission on sales.
Saha Brothers reported that 4,000 litres were sold for 1,65,000 and 50 litres were lost due to
evaporation. A customer who bought liquor of 1,500 was able to pay 40% of the amount due
from him. Assuming that Saha Brothers paid the amount due by a bank overdraft, show the
Consignment Account and Saha Brothers Account in the books of Modern Breweries. On the date
of closing the accounts, market price of liquor was 33.50 per litre.
[Ans. Consignment nrnfit 3 16625. yolun
Coo​

Answer 1

Explanation:

there is some interesting modern period during that time because of the phone to the including profit is the profits is trade in 200 litres divided by 5 is equal 5.50