Question

WTZ Q.13. Amit of Jalandhar consigned goods to Sonu of Ludhiana to be sold at or above invoice price. Amit agreed to pay commission @8% on sales invoice price plus 25% of any surplus price realized. Sonu accepted a bill of exchange drawn by Amit amounting to 50 % of the invoice value as security deposit. During the year 2019-20, goods costing 2,00,000 were consigned by Amit to Sonu at an invoice value of 2,50,000. During the year Sonu made a total sales of 2,35,000 . At the end of the year year goods value invoice value at 60,000 remained unsold. During the year Sonu remitted 40,000 by account payee cheque to Amit . Balance amount due to Amit has been remitted but in transit .You are required to prepare necessary ledger account in the books of consignor and consignor's account in the book of consignee.
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Answer 1

partners sharing profits and losses in the ratio of

Current Investments will be included in Cash & Cash Equivalents