Salem Mills consigned 8000 kg of oil to Karur Ltd on Ist July, 2016. The cost of the oil was Rs.7.50 per kg. Salem Mills paid Rs.2.500 towards freight and Rs.500 towards insurance. During transit 200 kg of oil was accidentally destroyed by fire for which a sum of Rs.1.200 has been recovered by Salem Mills directly from the insurers in full settlement of account. The consignment was received on 10" July, 2010 by Karur Ltd. They also sent a bank draft for Rs.30,000 in favour of Salem Mills. He sent on 16th August. 2016 an account sale stating that 6200 kg were sold at Rs.10.50 per kg. He also incurred Rs.400 on godown rent. Rs.400 on advertisement and Rs.1.200 on salesman's salarics. Karur Ltd is also entitled to a commission of 5% on sales inclusive of 2% Del Credere Commission. Karur also reported a loss of 100 kg due to leakage. Prepare relevant ledger accounts in the books of hoth the parties assuming the Karur Lid. has sent the balance due by means of Bank draft.
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