Question

Aqeel sent on consignment 10 refrigerators to sufyan costing rs 10000 each and paid transport charges rs 1000.consignee spends rs 2000 for storage and insurance sufyan sold all the refigerator at rs 12000 each consignee settled the account after deducting 15% commission on sale
prepare a jpurnal

Answer 1

Explanation:

In the books Aqeel

Journal entry

Consignment A/c Dr 121000

To goods sent on

consignment A/c 100000

To bank A/c 1000

To Sufyan A/c 2000

( insurance and

storage)

To sufyan A/c 18000

( commission)

profit and loss A/c Dr 1000

Sufyan A/c Dr 120000

To consignment A/c 121000