Mr. Achut of Mumbai consigned 100 units of a commodity to Mr. Rao of Delhi. The
goods were invoiced at 150 so as to yield a profit of 50 per cent on cost. Mr. Achut incurred
1,000 on freight and insurance. Mr. Rao incurred 500 on freight and 800 on rent. He sold
50 units for cash at 160 per unit and 20 units at 175 per unit on credit. He retained his
commission of 6 per cent (including del-credere) and remitted the balance. Mr. Rao noticed
that 10 units were damaged on account of bad packing and were saleable only for 80 per
unit. A debtor for 1,000 to whom the goods were sold by Mr. Rao became insolvent and only
50 paise in a rupee was recovered.
Prepare Consignment Account in the books of Achut and Achut Account in the books of Rao.
Can someone help with this Consignment sum, having problem with the damaged 10 units and how much is the Del-credere commission in the 6%.
Give ma answer my question plz
Answers
Answer:
By passing an ordinary resolution in the general meeting if :-
· the period fixed for the duration of the company by the articles has expired;
· some event on the happening of which company is to be dissolved, has happened.
2. By passing a special resolution to wind up voluntarily for any reason whatsoever.
Within 14 days of passing the resolution, whether ordinary or special, it must be advertised in the Official Gazette and also in some important newspaper circulating in the district of the registered office of the company. It was held in Neptune Assurance Co. Ltd. vs Union Of India, 1973 SCR (2) 940, that in the Companies Act the expression "voluntary winding up", means a winding up by a special resolution of a company to that effect. Similarly, the expression "winding up by the court" means winding up by an order of the Court in accordance with S. 433 of the Companies Act. The Companies Act (Section 484) provides for two methods for voluntary winding up:-
1. Members' voluntary winding up
It is possible in the case of solvent companies which are capable of paying their liabilities in full. There are two conditions for such winding up:-
a) A declaration of solvency must be made by a majority of directors, or all of them if they are two in number. It will state that the company will be able to pay its debts in full in a specified period not exceeding three years from commencement of winding up. It shall be made five weeks preceding the date of resolution for winding up and filed with the Registrar. It shall be accompanied by a copy of the report of auditors on Profit & Loss Account and Balance Sheet, and also a statement of assets and liabilities upto the latest practicable date; and
b) Shareholders must pass an ordinary or special resolution for winding up of the company.
The provisions applicable to members' voluntary winding up are as follows:-
1) Appointment of liquidator and fixation of his remuneration by the General Meeting.
2) Cessation of Board's power on appointment of liquidator except so far as may have been sanctioned by the General Meeting, or the liquidator.
3) Filling up of vacancy caused by death, resignation or otherwise in the office of liquidator by the general meeting subject to an arrangement with the creditors.