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M/s. Sameer & Co. of Nagpur consigned 100 coolers costing Rs. 6,000 per
cooler to their agent, Chand & Co. Lakhani. The coolers were invoiced as
proforma Rs. 8,000 per cooler. The agent sold 40 coolers at Rs. 8,000 per
cooler for cash and 40 coolers at Rs. 8,200 per cooler on credit. M/s. Sameer
& Co. paid freight and carriage Rs. 5,000 and miscellaneous expenses Rs.
2,000.
They drew a bill on Chand & Co. at 3 months for Rs. 4,50,000 which was
duly accepted by the latter. The expenses incurred by the Chand & Co. were :
Carriage
Rs. 2,500
Octroi
Rs. 500
Storage
Rs. 1,090
Miscellaneous
Rs. 2,000
They were entitled to 5% commission and 2% credere commission on gross
sale proceeds. They sent their Account Sales to their principles showing as a
deduction from their commission and the various expenses incurred by them.
A month later Chand & Co. remitted the amount due on consignment.
Prepare :
(1) Consignment A/c and Chand & Co. A/c in the books of Sameer Co.
(2) M/s. Sameer A/c in the books of Chand Co