Question

On 1 - 1 - 1992 Bharath coal company Limited consigned to Kalaram of Kurnool. 1000 tons of coal, The pit cost of the coal being Rs. 100 per ton. The company paid Rs. 10,000 towards freight and insurance. Kalaram took delivery of the goods consigned on 10th January 1992 and immediately accepted a bill drawn on him for Rs. 50,000 for Two months a) On 31st March 1992 consignee reported that there was a shortage of 50 tons of the coal. b) 800 tones were sold at Rs. 130 per ton. c) He paid godown rent Rs. 500, Insurance Rs. 500, and selling expenses Rs. 1,000 d) He entitled to a commission of 4% on the sale proceeds. Show ledger account in the books of consignor. Assuming that the consignee remitted balance due by a draft.

Answer 1

to gsoc 100000 by sales 104000

to bank 10000 by closing stck 17368

to exp 2000

to commission 4160

to p&l 5208