Question

Exe sent on 1st July, 2016 to Wye goods costing Rs. 50,000 and spent Rs. 1,000 on packing
etc. On 3rd July,2016, Wye received the goods and sent his acceptance to Exe for Rs. 30,000
payable at 3 months. Wye spent Rs. 2,000 on freight and cartage, Rs. 500 on godown rent and Rs.
300 on insurance. On 31st December, 2016 he sent his Account Sales (along with the amount due to
Exe) showing that 4/5 of the goods had been sold for Rs. 55,000. Wye is entitled to a commission of
10%. One of the customers turned insolvent and could not pay Rs. 600 due from him. Show the
necessary journal entries in the consignee's book.​

Answer 1

Explanation:

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