Question

On January 1, 2018Gopal Enterprises, Hyderabad sent 50 radio sets to
Rakesh & Co., Bombay invoiced at Rs. 1,200 per set and incurred the
following expenses in relation to the consignment: dock dues Rs.2,000; customs
duty Rs. 1,000 and frieght Rs. 2,300. Rakesh & Co. remitted Rs. 20,000
by bank draft on January 5, 2018. It sold all the sets at Rs 1,500 each by
January 31, 2018 and incurred Rs. 2,500 as godown rent. Commission is
allowed at 5% on sales. The Consignee sent the Account Sale and enclosed
a bank draft for the balance.
Journalise the above transactions in the books of the Consignor and the
Consignee. Also prepare necessary ledger accounts and calculate the profit
on consignment.

Answer 1

Answer:

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