(CC 103): Accountancy-1
Section-A
-1. Ajay of Patan consigned 60 TV Sets, each of Rs. 20,000 at on invoice price of Rs
Naresh of Mansa on 1st April, 2015 and incarred the folowing expenses :
Insurance Premium Rs. 10,000, Freight Rs. 8,000 and Other expenses Rs. 12,
Naresh is entitled to get 5% commission on total sales and 2% Delcredere com
credit sales.
Naresh accepted a for months hill of Rs. 3,00,000 drawn by Ajay and refume
discounted it on the same day at 12% per annum in a bank.
During transit, 5 TV sets were heavily damaged due to accident and the Insranc
admitted a claim of Rs. 85,800. Naresh paid Rs. 5,500 for cleaming charges and Rs
selling expenses.
Acording to Account sale sent to Vijay on 31-10-2015 :
(1) 40 TV sets were sold at Rs. 30,000 each for cash.
(2) 10 TV sets were sold at Rs. 32,000 each on credito to Jitendra and
0 3 TV sets were sold at Rs. 30,000 each to Ramesh on recommendation and res
of Ajay
Ramesh was declared insolvent and 80 paise per rupee was received from t
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