Question

The Narang oil mills, Delhi consigned 5000 Kg of mustered oil to Mr. Gupta of Kanpur on 1st Jan. 2016. The cost of the oil was Rs. 40 per kg. The Narang mills paid Rs. 15,000 for packing fright and insurance. During transit 100 kg were destroyed for which insurance Co. paid directly to the consignor Rs. 4000 in full settlement of the claim. Narang oil mills had received Rs 50,000 in advance as security against consignment. Mr. Gupta took delivery of the consignment on the 15 Jan. On 31st March 2016, Mr Gupta sent account sales that 4000 Kg were sold at Rs.52, the expenses being on godown rent Rs.2000; on advertisement Rs.3000 and on salesman salaries Rs.5500. Mr. Gupta is entitled to a commission of 4 % plus 2% del-credere . A party, who had bought 400 Kg, was able to pay only 90% of the amount due from it. Mr Gupta reported a loss of 50 Kg due to leakage. Assuming that Mr. Gupta paid the amount due by bank draft. Show the journal entries and necessary ledger account in the books of both the parties .The Narang oil mills Ltd closes books on 31st March.
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Answer 1

Answer:

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