Question

Pintu of mumbai consugned 5000 kg of oil to chintu. each kg of oil costed rs150 but it was invoiced at a profut of 25% on sale price.pintu paid rs 5000 for carriage rs 2500 fir freight and 2000 for insurance in transit. during transit 500 kg of oil was accidentally destroyed forwhich insurance comapny paid 50000rs . chintu reported that 1500 kg of oil was sold @ rs 250 per kg his expenses being rs 5000 on godown rent and 7500rs on salesman salaries. chintu is entitled to a commissikn og 5% on sales and 10% of the sale price in excess over invoice price. he also reported a shortage of 50kg due to leakageprepare consignment account and chintu a/c in the books of pintu account

Answer 1

Explanation:

Pintu of mumbai consugned 5000 kg of oil to chintu. Each kg of oil costed rs150 but it was invoiced at a profut of 25% on sale price. pintu paid rs 5000 for carriage rs 2500 fir freight and 2000 for insurance in transit. During transit 500 kg of oil was accidentally destroyed forwhich insurance comapny paid 50000rs .