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I want to learn the basic consignment accounts Related: ICAI Notes 7....
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Pawan sent on consignment to Raman, 10 cases of tea costing Rs. 5,000 each invoiced proforma at Rs. 6000 each. Freight and other charges on the consignment amounted to Rs. 3,100. On 31st March, 1996, Raman sent an accounts sales showing that 4 cases had been sold at Rs. 6,000 each and 3 cases at Rs. 7,000 each while 3 cases remained unsold. Raman also informed Pawan that of the three cases remaining in stock, two cases were badly damaged due to bad packing and that they would be sold at Rs. 3,000 per caseRaman was entitled to a commission of 5% on gross sales which included del credere commission. Raman could recover Rs. 4,000 only from a customer to whom one case had been sold on credit for Rs. 6,000. Amount of all other sales were duly received. On 31st March, 1999, Raman paid the amount due to Pawan by means of a cheque. Prepare the ledger accounts in the books of Pawan. Related: ICAI Notes 7.2 - Consignment Accounting (Part - 1)?

1,000 toys consigned by Rajesh & Co. of Calcutta to Sagnik & Co. of Raipur at an invoice cost of Rs 150 each. Roy & Co. paid freight Rs 10,000 and insurance Rs 1,500. During the voyage 100 toys were totally damaged by fire and had to be thrown overboard. Sagnik & Co. took delivery of the remaining toys and paid Rs 14,400 as customs duty and sent a bank draft to Rajesh & Co for Rs.50,000 as advance payment. Later on he sent an account sales showing that 800 toys had been sold at Rs.220 each. Expenses incurred by Sagnik & Co. on godown rent Rs.2500 and advertisement Rs. 2000. He was entitled to commission of 10% on total sales. One of the credit customers could not pay for 3 toys. Prepare the Consignment Account & Sagnik & Co A/c & Profit & Loss account in the books of Rajesh & Co. assuming that nothing has been recovered from the insurance company due to a defect in the policy. Sagnik & Co. settled his account immediately. Related: ICAI Notes 7.2 - Consignment Accounting (Part - 1)?

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I want to learn the basic consignment accounts Related: ICAI Notes 7.2: Consignment Accounting - 1?
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I want to learn the basic consignment accounts Related: ICAI Notes 7.2: Consignment Accounting - 1? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about I want to learn the basic consignment accounts Related: ICAI Notes 7.2: Consignment Accounting - 1? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for I want to learn the basic consignment accounts Related: ICAI Notes 7.2: Consignment Accounting - 1?.
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