Question

kiran bros. on January 1, 2018 consigned sports material costing rs.10000 to their agent kabir agency. Kiran bros. paid rs.200 for freight and rs. 100 for insurance and other charges. consignee received the delivery by paying rs.150 for non- recurring expenses on January 15, 2018. He sent an account sale on February 20, 2018 showing that the 20% of the stock realised rs.3200 and 30% of the stock was sold on credit for rs.3600. one customer from whom rs.500 was due became insolvent and only 25% of the debt could be recovered. consignee is entitled to a commission of 5% on sales. pass journal entries and prepare the necessary ledger accounts.​

Answer 1

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