All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
B Com Exam  >  B Com Questions  >  Sudha of Srinagar consigned goods value of 20... Start Learning for Free
SaveJoin the Discussion on the App
Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha?
Clear all your B Com doubts with EduRev
Most Upvoted Answer
Sudha of Srinagar consigned goods value of 20,000/- to indra sent acco...
Ledger Accounts in the Books of Sudha for Consignment

The following are the ledger accounts that need to be prepared in the books of Sudha for the consignment:

1. Consignment Account - This account is prepared to record the transactions related to the consignment.

2. Indra's Account - This account is prepared to record the transactions related to Indra, who is the consignee.

3. Bank Account - This account is prepared to record the transactions related to the bank.

Transaction Details:

1. Half of the goods were sold for Rs. 15,000.

- Consignment Account
- Dr. Rs. 10,000 (To record goods sent on consignment)
- Cr. Rs. 10,000 (To record the value of goods sold)
- Indra's Account
- Dr. Rs. 7,500 (To record the amount received from Indra for goods sold)
- Cr. Rs. 7,500 (To record the payment received from Indra)

2. Indra paid Rs. 750 towards expenses.

- Consignment Account
- Dr. Rs. 750 (To record the expenses paid by Indra)
- Cr. Rs. 750 (To record the payment received from Indra)

3. Indra received a commission of 5% on sales. Bank draft was enclosed for the balance due.

- Consignment Account
- Dr. Rs. 750 (To record Indra's commission)
- Cr. Rs. 750 (To record the payment made to Indra)
- Indra's Account
- Dr. Rs. 750 (To record commission received)
- Cr. Rs. 750 (To record the payment received)
- Bank Account
- Dr. Rs. 14,000 (To record the bank draft received)
- Cr. Rs. 14,000 (To record the amount deposited in the bank)

In summary, Consignment Account will have a credit balance of Rs. 750 and Indra's Account will have a debit balance of Rs. 750. The Bank Account will have a debit balance of Rs. 14,000.
Community Answer
Sudha of Srinagar consigned goods value of 20,000/- to indra sent acco...
149
Explore Courses for B Com exam

Similar B Com Doubts

4. On January 1, 2018 the Consignment to Ceylon A/c in the books of Unique Clock Makers showed a debit balance of Rs. 3,750. This is represented by the invoice value of 50 clocks which is 25% above cost. On January 7, they sent another consignment of 2,500 clocks at the invoice price of Rs. 75 each which was 25% above cost. They paid Rs. 1,000 for packing, Rs. 500 for insurance and Rs. 3,000 for carriage and freight. Rama watch Co. the Consignee, received the clocks on January 21 and paid Rs. 3,000 for custom duty, clearing, etc. They also sent a bank draft for 50% of the invoice price of the goods received. On June 15, they returned 50 clocks which were found defective. By December 31, 2018 they sold the opening stock of 50 clocks at Rs. 85 each on credit and 2,400 clocks of the new Consignment at Rs. 90 each. Their expenses were: advertising Rs. 2,000, salaries Rs. 2,000, and service charges Rs. 250. The Consignee is entitled to a commission of 8% on sales. The Consignee could not recover Rs. 250 on account of credit sales. Show the necessary ledger accounts in the books of both the parties. (Answer: Profit Rs. 43,780; Value of closing stock Rs. 3,900; Amount due from Consignees Rs. 1,01,630)?

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)?

Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha?
Question Description
Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? 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 Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha?.
Solutions for Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? 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 Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? defined & explained in the simplest way possible. Besides giving the explanation of Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha?, a detailed solution for Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? has been provided alongside types of Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? theory, EduRev gives you an ample number of questions to practice Sudha of Srinagar consigned goods value of 20,000/- to indra sent account sales with the following information (a) half of the goods were sold for 15000 (b)indra paid 750/-towards expenses(c) indra received commission 5%on sales bank draft was enclosed for the balance due prepare ledger accounts in the books of sudha? 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.
10M+ students study on EduRev
Get App
© 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