Question

Nes) Mohan consigned
15. (Abnormal Loss in transit consignment stock/Ledger Aves)
at pantaining 100 lip-sticks. Cost price of each
uckets of lip-sticks, each packet containing 100 hp-sticks. Cost price
300. Mohan spent 50 per packet as cartage, freight, insurance and for
One packet was lost on the way and Mohan lodged claim with the lo
could get only *270 as claim on average basis. Consignee took delivery
nackets and spent 19.950 on other non-recurring expenses and 110
expenses. He sold 370 packets at the rate of ? 5.50 per lip-stick. He w
commission on sale plus 1% del-credere commission. Prepare Consis
Consignee Ac in the books of consignor. (Profit 38,145 : Ab. Loss 350 : Un.
11.000)
ind forwarding commis
the Insurance company
k delivery of the rest of
d 11,250 as me
p-stick. He was entitled
Prepare Consignment Ab​

Answer 1

Closing Stock was of ₹ 70,000 but its net realisable value was estimated at ₹ 60,000.

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