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On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each to shri jha of Ranchi to be sold on his accessat his risk for7.5%commission,and 2.5% del-credere commission and incurred Rs.5500 as expenses Rs.20000 advance has been received on 31stDecember2013shri jha sent an account sales disclosing that 300cases have been sold for Rs.230 each on credit.He incurred Rs.1750as selling expenses. he sends a bank draft for the net amount due. Prepare consignment account and consignee account in the books of shri gupta.?
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On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each...
Consignment Account


























Particulars Amount (Rs.)
Expenses incurred by Shri Gupta 5,500
Goods sent on consignment 75,000 (500 x 150)
Commission paid to consignee (7.5% of sales) 51,750 (300 x 230 x 7.5%)
Del-credere commission (2.5% of sales) 17,250 (300 x 230 x 2.5%)
Net amount received from consignee 63,175 (75,000 - 51,750 - 17,250)


Consignee Account (Shri Jha)






























Particulars Amount (Rs.)
Goods received on consignment 75,000
Selling expenses incurred 1,750
Sales made on credit 69,000 (300 x 230)
Commission earned (7.5% of sales) 5,175 (69,000 x 7.5%)
Del-credere commission earned (2.5% of sales) 1,725 (69,000 x 2.5%)
Amount due to consignor 63,175 (75,000 - 5,175 - 1,725)


Explanation:
- A consignment is a business arrangement in which one party (consignor) sends goods to another party (consignee) to sell on their behalf. The consignor retains ownership of the goods until they are sold.
- In this case, Shri Gupta sent 500 cases of goods to Shri Jha on September 1, 2013. Shri Jha was allowed to sell the goods at his own risk and was paid a commission of 7.5% on sales and a del-credere commission of 2.5%.
- Shri Gupta incurred expenses of Rs. 5,500 in sending the goods to Shri Jha on consignment.
- On December 31, 2013, Shri Jha sent an account sales to Shri Gupta,
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On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each to shri jha of Ranchi to be sold on his accessat his risk for7.5%commission,and 2.5% del-credere commission and incurred Rs.5500 as expenses Rs.20000 advance has been received on 31stDecember2013shri jha sent an account sales disclosing that 300cases have been sold for Rs.230 each on credit.He incurred Rs.1750as selling expenses. he sends a bank draft for the net amount due. Prepare consignment account and consignee account in the books of shri gupta.?
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On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each to shri jha of Ranchi to be sold on his accessat his risk for7.5%commission,and 2.5% del-credere commission and incurred Rs.5500 as expenses Rs.20000 advance has been received on 31stDecember2013shri jha sent an account sales disclosing that 300cases have been sold for Rs.230 each on credit.He incurred Rs.1750as selling expenses. he sends a bank draft for the net amount due. Prepare consignment account and consignee account in the books of shri gupta.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each to shri jha of Ranchi to be sold on his accessat his risk for7.5%commission,and 2.5% del-credere commission and incurred Rs.5500 as expenses Rs.20000 advance has been received on 31stDecember2013shri jha sent an account sales disclosing that 300cases have been sold for Rs.230 each on credit.He incurred Rs.1750as selling expenses. he sends a bank draft for the net amount due. Prepare consignment account and consignee account in the books of shri gupta.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On1stSeptember2013 shri Gupta of delhi sent 500cases of goods@150 each to shri jha of Ranchi to be sold on his accessat his risk for7.5%commission,and 2.5% del-credere commission and incurred Rs.5500 as expenses Rs.20000 advance has been received on 31stDecember2013shri jha sent an account sales disclosing that 300cases have been sold for Rs.230 each on credit.He incurred Rs.1750as selling expenses. he sends a bank draft for the net amount due. Prepare consignment account and consignee account in the books of shri gupta.?.
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