Question

Ram Das of Hyderabad consigned goods costing Rs. 72,000 to Prakash of Cochin at a pro-forma invoice price which is cost plus a profit of 1/6th on invoice price. The consignor paid Rs. 1,800 as insurance and other charges. Prakash received the goods and paid Rs. 3,000 for freight and other charges. He was allowed 3% commission on gross sales. 3/4th of the goods were sold at 33.33% profit on cost, half of which were credit sales. Half of the balance was stolen, but the stock being insured, a claim was lodged for Rs. 8,000 and was settled for Rs. 7,000. Balance of stock was valued at proforma invoice price. Write up the Consignment and the Abnormal Loss Accounts. solved it????​

Answer 1

Answer:

Explanation:

                      Consignment  to coachin Account                                                  

   Particulars                  Amount              Particulars                          Amount    

Goods sent to consinement  86400       By Prakash                      72000

To Bank A/c                       1800                By   Abnormal loss            9600

To Prakash                         3000               By   consignment A/c        11400

To Prakash  commision      2160              By   Goods sent to consignment

To stock                               1800                                                             14400

To p&l A/c                          12240

                                                                                                                                     

                                        107400                                                              107400