7. Jyoti Provision Stores sent 20,000 kg. of a chemical to Shailesh Trading
Corporation on 1st April, 2005 on consignment. Cost of chemical is Re.I per
kg. and the packing is in tins of 10 ky. The consignor paid Rs. 4,000 for freight
and insurance. 100 tins were destroyed in transit and the Ins. Co. paid Rs. 1,000
to the consignor in full settlement of the claim.
Shailesh Trading Corporation accepted a bill of Rs. 12,000 for 3 months
drawn by Jyoti Stores as advance. The consignee sent an Account Sales on 30th
June, which showed that 15,000 kg. were sold at Rs. 1.50 per kg.
They paid expenses as follows :
Godown rent Rs. 400; Advertisement Rs. 1,200; Salesmen's Salaries
Rs. 2,500.
Shailesh Corporation are entitled to a commission of 4% and a del credere
commission at 1%. The consignee informed that 200 kg. of chemicals were
leaked out because of defective packing. They sent the amount due by a bank
draft.
Prepare necessary accounts in the books of both the parties.
(Ans. : Loss on consignment Rs. 916; Abnormal loss Rs. 200; Cost of
chemical destroyed in transit including proportionate expenses Rs. 1,200, out of
which Rs. 1,000 received from Ins. Co. and as such Rs. 200 is abnormal loss
debited to P & L A/c. Value of closing stock Rs. 4,609 because the saleable
quantity that reached the consignee is 18,800 kg. which cost Rs. 22,800, so the
cost of 3,800 kg. is Rs. 4609. Amount of Bank draft sent by consignee
Rs. 5,275.)
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Anupam joins as a sales manager of a company dealing with garment manufacturing.Being professional in his approach, he knew that without good planning he will not be able to organise or perform any other managerial function effectively or efficiently. Only on the basis of sales forecast, he can prepare annual plan for its production or sales, beside he will have to prepare sales plan regularly on weekly, monthly, quarterly and half yearly basis. While preparing the sales forecast, he undertakes intellectual thinking, involving foresight visualisation rather than guess work and he has to make sure that all these planning activities coincide with the purpose for which business is being carried out.
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