Question

Illustration 33
Tilak of Tatanagar consigned goods costing 2,00,000 to his agent Pulak of Patna. The invoice was made pro-forma so
as to show a profit of 25% on cost. Tilak paid freight and insurance 4,000. Pulak sold part of the consignment for
1,76,000 at a uniform price of 10% over invoice price and spent 6,000 as warehousing charges and 2,000 as selling
expenses. Pulak is entitled to a commission of 5% on sales and 20% of the net profit after charging commission on sales.
Draw up the Consignment Account in the books of Tilak.​

Answer 1

Explanation:

1,76,000 at a uniform price of 10% over invoice price and spent 6,000 as warehousing charges and 2,000 as selling

expenses. Pulak is entitled to a commission of 5% on sales and 20% of the net profit after charging commission on sales.

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