Question

Ram of Patna consigns to Shyam of Delhi for sale at invoice price or over. Shyam is entitled to a commission @ 5%
on invoice price and 25% of any surplus price realized. Ram draws on Shyam at 90 days sight for 80% of the invoice
price as security money. Shyam remits the balance of proceeds after sales, deducting his commission by sight
draft. Goods consigned by Ram to Shyam costing 20,900 including freight and were invoiced at $28,400. Sales
made by Shyam were *26,760 and goods in his hand unsold at 31st Dec, represented an invoice price of 36,920.
(Original cost including freight *5,220). Sight draft received by Ram from Shyam upto 31st Dec was 76,280. Others
were in- transit. Prepare necessary any Ledger Accounts.
solve this consignment sum
​

Answer 1

Answer:

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Explanation:

invoice

price as security money. Shyam remits the balance of proceeds after sales, deducting his commission by sight

draft. Goods consigned by Ram to Shyam costing 20,900 including freight and were invoiced at $28,400. Sales

made by Shyam were *26,760 and goods in his hand unsold at 31st Dec, represented an invoice price of 36,920.

(Original cost including freight *5,220). Sight draft received by Ram from Shyam upto 31st Dec was 76,280. Others

were in- transit. Prepare necessary any Ledger Accounts.

solve this consignment sum