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On 1st July Krishnan of Chennai consigned 100 bales of cotton to Dheeraj of Hyderabad (Cost price Rs 7500) at a proforma invoice price of 25% profit on sales. Consignment account would be credited for loading by?
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On 1st July Krishnan of Chennai consigned 100 bales of cotton to Dheer...
Consignment Account Credited for Loading


  1. Calculation of Proforma Invoice Price:
    Krishnan consigned 100 bales of cotton to Dheeraj at a cost price of Rs 7500. To determine the proforma invoice price with a 25% profit, we need to add the profit percentage to the cost price.
    Cost Price = Rs 7500
    Profit Percentage = 25%
    Profit = 25/100 * Rs 7500 = Rs 1875
    Proforma Invoice Price = Cost Price + Profit = Rs 7500 + Rs 1875 = Rs 9375


  2. Crediting Consignment Account:
    When goods are consigned, a consignment account is created to record all transactions related to the consignment. In this case, since the proforma invoice price includes the cost price and the expected profit, the consignment account would be credited for loading with the proforma invoice price of Rs 9375. This entry ensures that the consignment account reflects the value of the goods dispatched for the consignment.

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On 1st July Krishnan of Chennai consigned 100 bales of cotton to Dheeraj of Hyderabad (Cost price Rs 7500) at a proforma invoice price of 25% profit on sales. Consignment account would be credited for loading by?
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