Question

Ajay of Mumbai consigned to Vijay of Delhi, goods to be sold at invoice price which represents 125% of cost. Vijayis entitled to a commission of 10% on sales at invoice price and 25% of any excess realised over invoice price. Theexpenses on freight and insurance incurred by Ajay were 10,000. The account sales received by Ajay shows thatVijay has effected sales amounting to R1,00,000 in respect of 75% of the consignment. His selling expenses to bereimbursed were * 8,000. 10% of consignment goods of the value of 12,500 were destroyed in fire at the Delhigodown and the insurance company paid *12,000 net of salvage. Vijay remitted the balance in favour of AjayPrepare consignment account and the account of Vijay in the books of Ajay along with the necessary calculations​

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