Question

C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignment basis on 1.1.2014. The cost of each
bicycle was ~ 800, C incurred ~ 500 for freight, ~ 750 for cooli charges and ~ 850 for insurance premium.
On 31.12.2014, C received on Account Sales from B, which showed that he sold 80 bicycles @ ~ 1,200 each and
after deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with the
Account Sales. According to contract, B is entitled to get ordinary commission @ 10% and del credere commission
@ 5% on sale proceeds. Show important Ledger Accounts in the books of both the parties.

Answer 1

Answer:

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