On 1 April 2020. Yogesh consigned/500 tovs at the rate of 350 to Umesh to Agra and incurred following expense en consignment: Cartage 2 500, Frieght > 2.000 and Insurance * 2.500. The expenses incurred lwy Umesh were curtage 1,500. unloading + 1,000 and 7 2,500 godown rent. On 31" March. 2021. an account sale was received from Umesh showing 450 toys wer sold at * 1.000 per toy and 50 tonn remained unsold As per tureement 5°commission on sales will be payable to Umesh. Prepare Consignment Ac Showing Naluation of Consignment Stock. be
Answers
Explanation:
Closing stock (in numbers) = Opening stock − Goods lost in transit − Goods sold
= 2,000 − 500 − 1,000
= 500
Cost price of closing stock = number of closing stock × Cost price per unit
= 500 × 800
= 4,00,000
Consignor's non recurring expenses for closing stock = 20,000 ×
2,000
500
= 5,000
Consignee's non recurring expenses for closing stock = (clearing carges ×
1,500
500
) + salvage charges
= (4,500 ×
1500
500
) + 10,000
= 11,500
Therefore,
Value of closing stock = Cost price + Consignor's expenses + Consignee's expenses
= 4,00,000 + 5,000 + 11,500
= 4,16,500
Explanation:
P Ltd. of Kolkata consigned 10,000 kg. of an item costing 80 per k Mumbai and paid 80,000 as freight and insurance. 200 kg. of the ite transit. R Ltd. took delivery of the remaining consignment and paid unl 19,000, godown rent 2,500, printing and advertisement 20,000. 20 due to leakage in the godown of R Ltd. which is to be considered R Ltd. has sold 8,000 kg. of the item. [C.U., B.
From the following information, calculate the value of goods lost in t value of unsold stock on consignment :