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Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad
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Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeri...
Consignment Accounting
Consignment accounting is a method of accounting used by businesses that sell goods on behalf of others. In this method, the goods are sent by the consignor to the consignee, who sells them on behalf of the consignor. The consignee is responsible for selling the goods and paying the consignor for the goods that are sold.
Consignment Account
The consignment account is a nominal account that is used to record all transactions related to the consignment. It is debited with the cost of the goods sent on consignment and any expenses incurred by the consignor. It is credited with the sales made by the consignee and any commission earned by the consignee.
Nominal Account
The nominal account is a type of account used in accounting to record all expenses and income that are not related to the purchase or sale of goods. It includes expenses such as rent, salaries, and advertising expenses. It also includes income such as commission earned by the consignee.
Ramswaroop Mela Turmeric Case
In the case of Ramswaroop Mela Turmeric, the consignor consigned 400 quintals of turmeric to Nizamabad at a rate of 300 per quintal. The consignor paid 6000 towards freight and insurance during transit. 10 quintals of turmeric were destroyed, and the insurance company paid 1,500 in full settlement of the claim.
On 10 July 2004, the consignment was delivered, and a bill of 30000 was drawn on Ramswaroop Mela Turmeric Mills for 3 months. On 31st July, Nathuram Nathumal reported that 350 quintals of turmeric were sold at a rate of 500 per quintal. The expenses incurred were Polo Godown rent (1000), advertisement (1000), salaries and salesman (3000), commission of 5%, and Del credere commission of 5%.
The remaining stock of 22500 was sold on credit, but the buyers were declared bankrupt after one month and paid only 50 paise per rupee.
Consignment Account
Debit side:
- Cost of goods sent on consignment: 120000
- Freight and insurance during transit: 6000
- Loss due to destroyed goods: 1500
Credit side:
- Sales made by consignee: 175000
- Commission earned by consignee: 8750
Nominal Account
Debit side:
- Polo Godown rent: 1000
- Advertisement: 1000
- Salaries and salesman: 3000
Credit side:
- Commission earned by consignee: 8750
In conclusion, the consignment accounting method helps businesses to manage their inventory and sell goods on behalf of others. The consignment account and nominal account are used to record all transactions related to the consignment. The Ramswaroop Mela Turmeric case shows how these accounts are used in practice.
Consignment accounting is a method of accounting used by businesses that sell goods on behalf of others. In this method, the goods are sent by the consignor to the consignee, who sells them on behalf of the consignor. The consignee is responsible for selling the goods and paying the consignor for the goods that are sold.
Consignment Account
The consignment account is a nominal account that is used to record all transactions related to the consignment. It is debited with the cost of the goods sent on consignment and any expenses incurred by the consignor. It is credited with the sales made by the consignee and any commission earned by the consignee.
Nominal Account
The nominal account is a type of account used in accounting to record all expenses and income that are not related to the purchase or sale of goods. It includes expenses such as rent, salaries, and advertising expenses. It also includes income such as commission earned by the consignee.
Ramswaroop Mela Turmeric Case
In the case of Ramswaroop Mela Turmeric, the consignor consigned 400 quintals of turmeric to Nizamabad at a rate of 300 per quintal. The consignor paid 6000 towards freight and insurance during transit. 10 quintals of turmeric were destroyed, and the insurance company paid 1,500 in full settlement of the claim.
On 10 July 2004, the consignment was delivered, and a bill of 30000 was drawn on Ramswaroop Mela Turmeric Mills for 3 months. On 31st July, Nathuram Nathumal reported that 350 quintals of turmeric were sold at a rate of 500 per quintal. The expenses incurred were Polo Godown rent (1000), advertisement (1000), salaries and salesman (3000), commission of 5%, and Del credere commission of 5%.
The remaining stock of 22500 was sold on credit, but the buyers were declared bankrupt after one month and paid only 50 paise per rupee.
Consignment Account
Debit side:
- Cost of goods sent on consignment: 120000
- Freight and insurance during transit: 6000
- Loss due to destroyed goods: 1500
Credit side:
- Sales made by consignee: 175000
- Commission earned by consignee: 8750
Nominal Account
Debit side:
- Polo Godown rent: 1000
- Advertisement: 1000
- Salaries and salesman: 3000
Credit side:
- Commission earned by consignee: 8750
In conclusion, the consignment accounting method helps businesses to manage their inventory and sell goods on behalf of others. The consignment account and nominal account are used to record all transactions related to the consignment. The Ramswaroop Mela Turmeric case shows how these accounts are used in practice.
Community Answer
Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeri...
Yrr itte barhe barhe ques kaise likh Lete ho.....log ans dene k lie 100 bar sochte h ....parhu ya ni ..:-D
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Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting?
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Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting?.
Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting?.
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Here you can find the meaning of Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? defined & explained in the simplest way possible. Besides giving the explanation of
Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting?, a detailed solution for Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? has been provided alongside types of Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? theory, EduRev gives you an
ample number of questions to practice Ramswaroop Mela turmeric means Nizamabad consigned 400 quintal turmeric of of Gulbarga at 300 per quintal on 1st July 2004 the consignor paid 6000 towards freight and insurance during transit 10 quintal 10 quintal turmeric was totally destroyed for which the insurance company paid 1,500 in full settlement of the claim delivery of the consignment on 10 July 2004 and accepted a bill drawn on him by ramsarup melo turmeric mills Nizamabad for 30000 for 3 months on 31st July Nathuram nathumal reported that 350 quintals of turmeric was sold at rupees 500 per quintal expenses being as Polo Godown rent 1000 advertisement 1000 salaries and salesman 3000 commission of 5% plus Del credere commission of 5 persent he sold remaining stock of 22500 on credit who were declared bankrupt after one month and pay only 50 paise per rupee was realise from them show the consignment account and nominal account in the books of azmalo turmeric means Nizamabad Related: Consignment Accounting? tests, examples and also practice Commerce tests.
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