Tumpa consigned 1,000 kg of rice @ Rs.20 per kg to Pintu. She paid: Freight Rs.2,500; Dock Charges Rs.1,500; and Insurance Rs. 1000. 200 kg of rice was destroyed in transit due to an accident. An insurance claim of Rs.3,500 was admitted by the insurance company. Pintu sold 720 kg rice @ Rs.30 per kg and incurred clearing charges Rs.1,800, carrying charges Rs. 1,200; Godown Rent Rs. 1,500 and selling expenses Rs.1,000. Pintu is to receive an ordinary commission @ 8% on sales. He could not realise Rs.2,000 from debtors and it was proved bad. Pintu remits Rs.10,000 by a bank draft to Tumpa. Show the Consignment Account in the books of Consignor.
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Explanation:
Working notes
- Goods sent on consignment = 20,000 [ 1,000 × 20 ]
- Consigner expense = 5,000 [2,500+1,500+1,000]
- Sales proceeds = 21,600 [720 × 30]
- Abnormal loss = 600
200 × 20 = 4,000
(+) Consigner expense = ²⁰/₁₀₀₀ × 5,000 = 100
(-) Insurance claim = 3,500
5. Consignment inventory = 2,180
Goods sent = 1,000
Loss = 200
Sold = 720
Balance goods in hand = 80
80 × 20 = 1,600
⁸⁰/₁₀₀₀ × 5,000 = 400
⁸⁰/₈₀₀ × 1,800 = 180
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