Question

Mr. Green of New Delhi purchased, 10,000 pieces of sarees at Rs. 100 per saree. Out of these 6,000 sarees were sent on consignment to Mr. White of Calcutta at the selling price of Rs. 120 per saree. The consignor paid Rs. 3,000 for packing and freight. Mr. White sold 5,000 sarees at Rs. 125 per saree and incurred Rs. 1,000 for selling expenses and remitted Rs. 5,00,000 to New Delhi on account. Mr. White is entitled to a commission of 5% on total sales plus a further commission at 20% of surplus price realized over invoice price. You are required to prepare Consignment Account in the books of Mr. Green and Mr. Green’s account in the books of agent Mr. White.

Answer 1

Explanation:

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