Question

Open the necessary accounts in Rama Rao book to record the above transactions
1. Rama Rao sends out consignment of the value of 50,000 to Bala Rao drawing on
the latter for 40,000 as an advance against the goods consigned. Rama Rao also
pays ? 4,500 for freight. Bala Rao clear the goods paying 2,500 for duty, dock dues
etc. He sells on credit half the lot for 40,000 and half of the remaining is sold for
cash at 22,000. Bala Rao's remuneration is 5% on gross proceeds.
Bula Rao sends out an Account Sales and draft to Rama Rao for the balance as shown
therein.
Q.1 profit on consiment?​

Answer 1

Answer:

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