B Com Exam > B Com Questions > 3. Modi Textiles, Delhi consigned to Vinod En...
Start Learning for Free
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cotton
bales. The invoice price of each bale was Rs. 1,500 which includes 20%
profit on invoice price. The Consignor paid Rs. 2,500 for insurance and
Rs. 4,000 for carriage and freight. The Consignee received cotton bales
and sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.
1,800 on godown rent and was allowed 10% conmission on sales. 5 cotton
bales were spoiled in godôwn and they are to be valued at 50%
depreciation. Show Consignment Account in the books of Modi Textiles.
Note : These
write
Unive
Hint: The damaged goods are also to be included in stock and they will
be valued at 50% of the invoice price and the proportionate
expenses.
(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912
for damaged goods); Amount due from the Consignee Rs. 99,450)?
bales. The invoice price of each bale was Rs. 1,500 which includes 20%
profit on invoice price. The Consignor paid Rs. 2,500 for insurance and
Rs. 4,000 for carriage and freight. The Consignee received cotton bales
and sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.
1,800 on godown rent and was allowed 10% conmission on sales. 5 cotton
bales were spoiled in godôwn and they are to be valued at 50%
depreciation. Show Consignment Account in the books of Modi Textiles.
Note : These
write
Unive
Hint: The damaged goods are also to be included in stock and they will
be valued at 50% of the invoice price and the proportionate
expenses.
(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912
for damaged goods); Amount due from the Consignee Rs. 99,450)?
Most Upvoted Answer
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 c...
**Consignment Account in the books of Modi Textiles**
1. **Opening Entry**
- Consignment A/c Dr. (To record transfer of goods to consignee)
- To Goods Sent on Consignment A/c
2. **Recording Expenses**
- Consignment A/c Dr. (To record expenses paid by consignor)
- To Cash A/c (For insurance and carriage and freight expenses)
3. **Recording Sales**
- Cash A/c Dr. (To record cash received from sales)
- To Consignee A/c
4. **Calculating Commission**
- Consignee A/c Dr. (To record commission paid to the consignee)
- To Commission A/c
5. **Recording Damaged Goods**
- Consignee A/c Dr. (To record damaged goods returned by consignee)
- To Damaged Goods A/c
6. **Calculating Profit**
- Consignee A/c Dr. (To record sales)
- To Profit and Loss A/c (For calculation of profit)
7. **Closing Entry**
- Consignee A/c Dr. (To record amount due from the consignee)
- To Consignment A/c
8. **Calculating Value of Stock**
- Stock A/c Dr. (To record the value of stock)
- To Consignment A/c
By following the above steps, the Consignment Account in the books of Modi Textiles will be as follows:
**Consignment Account**
-----------------------------------------------------
| | Debit | Credit |
|---------------------------------------------------|
| Opening Entry | Goods Sent on Consignment | |
| Expenses | Insurance and Expenses | Cash |
| Sales | | Cash |
| Commission | | Commission |
| Damaged Goods | Damaged Goods | Consignee |
| Profit | | Profit and Loss |
| Amount due from Consignee | Consignee | Consignment |
| Value of Stock | Stock | Consignment |
-----------------------------------------------------
The profit will be calculated by subtracting the cost of goods sold (which includes the cost of damaged goods) and the expenses from the sales. The value of stock will include the value of the remaining cotton bales and the value of the damaged goods at 50% depreciation. The amount due from the consignee will be the remaining balance after deducting the expenses, commission, and damaged goods from the sales.
1. **Opening Entry**
- Consignment A/c Dr. (To record transfer of goods to consignee)
- To Goods Sent on Consignment A/c
2. **Recording Expenses**
- Consignment A/c Dr. (To record expenses paid by consignor)
- To Cash A/c (For insurance and carriage and freight expenses)
3. **Recording Sales**
- Cash A/c Dr. (To record cash received from sales)
- To Consignee A/c
4. **Calculating Commission**
- Consignee A/c Dr. (To record commission paid to the consignee)
- To Commission A/c
5. **Recording Damaged Goods**
- Consignee A/c Dr. (To record damaged goods returned by consignee)
- To Damaged Goods A/c
6. **Calculating Profit**
- Consignee A/c Dr. (To record sales)
- To Profit and Loss A/c (For calculation of profit)
7. **Closing Entry**
- Consignee A/c Dr. (To record amount due from the consignee)
- To Consignment A/c
8. **Calculating Value of Stock**
- Stock A/c Dr. (To record the value of stock)
- To Consignment A/c
By following the above steps, the Consignment Account in the books of Modi Textiles will be as follows:
**Consignment Account**
-----------------------------------------------------
| | Debit | Credit |
|---------------------------------------------------|
| Opening Entry | Goods Sent on Consignment | |
| Expenses | Insurance and Expenses | Cash |
| Sales | | Cash |
| Commission | | Commission |
| Damaged Goods | Damaged Goods | Consignee |
| Profit | | Profit and Loss |
| Amount due from Consignee | Consignee | Consignment |
| Value of Stock | Stock | Consignment |
-----------------------------------------------------
The profit will be calculated by subtracting the cost of goods sold (which includes the cost of damaged goods) and the expenses from the sales. The value of stock will include the value of the remaining cotton bales and the value of the damaged goods at 50% depreciation. The amount due from the consignee will be the remaining balance after deducting the expenses, commission, and damaged goods from the sales.
Community Answer
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 c...
म्हशीच्या मालकाने लेखकाच्या वडिलांना का मारले
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)?
Question Description
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? 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 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)?.
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? 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 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)?.
Solutions for 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? defined & explained in the simplest way possible. Besides giving the explanation of
3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)?, a detailed solution for 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? has been provided alongside types of 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? theory, EduRev gives you an
ample number of questions to practice 3. Modi Textiles, Delhi consigned to Vinod Enterprises, Calcutta 100 cottonbales. The invoice price of each bale was Rs. 1,500 which includes 20%profit on invoice price. The Consignor paid Rs. 2,500 for insurance andRs. 4,000 for carriage and freight. The Consignee received cotton balesand sold 75 bales for cash and realised Rs. 1,12,500. He incurred Rs.1,800 on godown rent and was allowed 10% conmission on sales. 5 cottonbales were spoiled in godôwn and they are to be valued at 50%depreciation. Show Consignment Account in the books of Modi Textiles.Note : ThesewriteUniveHint: The damaged goods are also to be included in stock and they willbe valued at 50% of the invoice price and the proportionateexpenses.(Answers: Profit Rs. 1,412, Value of stock Rs. 35,212 (including Rs. 3,912for damaged goods); Amount due from the Consignee Rs. 99,450)? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup