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Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties?
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Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Ha...
Journal Entries in the Books of Consignor:
- To Consignment Account: 10,000 (50 cases x Rs.200 per case)
- To Insurance Account: 200
- To Freight Account: 300
Journal Entries in the Books of Consignee:
- To Consignment Account: 10,000 (50 cases x Rs.200 per case)
- To Dock Dues Account: 20
- To Carriage Account: 50
- To Warehousing Expenses Account: 130
- To Commission Account: 800 (4% of Rs.20,000)
- To Consignor Account: 18,000 (Rs.24,000 - Rs.200 - Rs.300 - Rs.20 - Rs.50 - Rs.130 - Rs.800)
Explanation:
1. Consignment Account: It is a nominal account used to record all transactions related to consignment. In this case, the consignor debits this account with the value of goods consigned (Rs.10,000) while the consignee credits the same account with the same amount.
2. Insurance Account: It is a nominal account used to record the cost of insuring the goods in transit. The consignor debits this account with the amount paid (Rs.200) while the consignee does not record any entry for insurance.
3. Freight Account: It is a nominal account used to record the cost of transporting the goods to the consignee. The consignor debits this account with the amount paid (Rs.300) while the consignee does not record any entry for freight.
4. Dock Dues Account: It is a nominal account used to record the cost of unloading the goods at the port. The consignee debits this account with the amount paid (Rs.20) while the consignor does not record any entry for dock dues.
5. Carriage Account: It is a nominal account used to record the cost of transporting the goods from the port to the consignee's warehouse. The consignee debits this account with the amount paid (Rs.50) while the consignor does not record any entry for carriage.
6. Warehousing Expenses Account: It is a nominal account used to record the cost of storing the goods in the warehouse. The consignee debits this account with the amount paid (Rs.130) while the consignor does not record any entry for warehousing expenses.
7. Commission Account: It is a nominal account used to record the commission paid to the consignee for selling the goods. The consignee debits this account with the commission amount (Rs.800) while the consignor does not record any entry for commission.
8. Consignor Account: It is a personal account used to record the amount due from the consignee. The consignee credits this account with the net proceeds (Rs.18,000) after deducting all expenses and commission. The consignor debits this account with the value of goods consigned (Rs.10,000) and credits it with the amount received from the consignee (Rs.18,000).
- To Consignment Account: 10,000 (50 cases x Rs.200 per case)
- To Insurance Account: 200
- To Freight Account: 300
Journal Entries in the Books of Consignee:
- To Consignment Account: 10,000 (50 cases x Rs.200 per case)
- To Dock Dues Account: 20
- To Carriage Account: 50
- To Warehousing Expenses Account: 130
- To Commission Account: 800 (4% of Rs.20,000)
- To Consignor Account: 18,000 (Rs.24,000 - Rs.200 - Rs.300 - Rs.20 - Rs.50 - Rs.130 - Rs.800)
Explanation:
1. Consignment Account: It is a nominal account used to record all transactions related to consignment. In this case, the consignor debits this account with the value of goods consigned (Rs.10,000) while the consignee credits the same account with the same amount.
2. Insurance Account: It is a nominal account used to record the cost of insuring the goods in transit. The consignor debits this account with the amount paid (Rs.200) while the consignee does not record any entry for insurance.
3. Freight Account: It is a nominal account used to record the cost of transporting the goods to the consignee. The consignor debits this account with the amount paid (Rs.300) while the consignee does not record any entry for freight.
4. Dock Dues Account: It is a nominal account used to record the cost of unloading the goods at the port. The consignee debits this account with the amount paid (Rs.20) while the consignor does not record any entry for dock dues.
5. Carriage Account: It is a nominal account used to record the cost of transporting the goods from the port to the consignee's warehouse. The consignee debits this account with the amount paid (Rs.50) while the consignor does not record any entry for carriage.
6. Warehousing Expenses Account: It is a nominal account used to record the cost of storing the goods in the warehouse. The consignee debits this account with the amount paid (Rs.130) while the consignor does not record any entry for warehousing expenses.
7. Commission Account: It is a nominal account used to record the commission paid to the consignee for selling the goods. The consignee debits this account with the commission amount (Rs.800) while the consignor does not record any entry for commission.
8. Consignor Account: It is a personal account used to record the amount due from the consignee. The consignee credits this account with the net proceeds (Rs.18,000) after deducting all expenses and commission. The consignor debits this account with the value of goods consigned (Rs.10,000) and credits it with the amount received from the consignee (Rs.18,000).
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Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties?
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Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? 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 Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties?.
Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? 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 Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties?.
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Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties?, a detailed solution for Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? has been provided alongside types of Shyam and Co Calcutta consigned 50 cases of goods at rs 200 each to Hari of Hyderabad. The consignor pays rs 200 for insurance and freight rs300 .Hari sent an account sales showing the gross proceeds at rs24000 the expenses paid by Hari were dockdues rs 20 carrying rs50 warehousing expenses rs 130 he spent the amount due to the cosignor after deducting 4%commission .give journal entries in the books of both the parties? theory, EduRev gives you an
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