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B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invoice of 25% profit on sale to his agent C of chandigarh . on the same date B paid ₹600 as expenses . C took delivery and paid ₹1200 for octroi and other duties and remitted ₹4000 as an advance . he sold 80 cases for ₹10500 . C is entitled to 5% commission on gross sale and 10% of the sales price in excess of invoice price . prepare consignment and consignee account?
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B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invo...
Consignment Account Preparation
The consignment account records the transactions between the consignor (B) and the consignee (C). Here’s how the accounts are structured:
  • Cost Price of Goods Sent: ₹7500
  • Expenses Incurred by B: ₹600
  • Total Cost to B: ₹7500 + ₹600 = ₹8100
  • Proforma Invoice Value: 25% Profit on Sale
  • Sale Price by C: ₹10500 (for 80 cases)



Consignment Account
| Particulars | Amount (₹) |
|--------------------------------------|---------------|
| To Goods Sent to C | 7500 |
| To Expenses by B | 600 |
| To Profit on Sale | 2100 |
| (25% of Sale Price ₹10500) | |
| To C's Commission | 525 |
| (5% of ₹10500) | |
| Total | 10500 |

Account of C (Consignee Account)
| Particulars | Amount (₹) |
|--------------------------------------|---------------|
| By Cash Received | 4000 |
| By Sale of Goods (80 cases) | 10500 |
| By C's Commission | 525 |
| By Excess Sales Price Commission | 800 |
| (10% of ₹8000, where ₹8000 is excess over invoice ₹2000) | |
| Total | 16825 |

Summary of Transactions
  • Total Sales: ₹10500
  • Total Expenses by C: ₹1200 (Octroi and Duties)
  • Total Amount Remitted to B: ₹4000
  • Total Commission to C: ₹1325 (5% on sales + 10% on excess)


This detailed breakdown illustrates the financial relationship between the consignor and consignee, showcasing the costs, sales, and commissions involved in the consignment process.
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B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invoice of 25% profit on sale to his agent C of chandigarh . on the same date B paid ₹600 as expenses . C took delivery and paid ₹1200 for octroi and other duties and remitted ₹4000 as an advance . he sold 80 cases for ₹10500 . C is entitled to 5% commission on gross sale and 10% of the sales price in excess of invoice price . prepare consignment and consignee account?
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B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invoice of 25% profit on sale to his agent C of chandigarh . on the same date B paid ₹600 as expenses . C took delivery and paid ₹1200 for octroi and other duties and remitted ₹4000 as an advance . he sold 80 cases for ₹10500 . C is entitled to 5% commission on gross sale and 10% of the sales price in excess of invoice price . prepare consignment and consignee account? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invoice of 25% profit on sale to his agent C of chandigarh . on the same date B paid ₹600 as expenses . C took delivery and paid ₹1200 for octroi and other duties and remitted ₹4000 as an advance . he sold 80 cases for ₹10500 . C is entitled to 5% commission on gross sale and 10% of the sales price in excess of invoice price . prepare consignment and consignee account? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for B of mumbai consigned 100 cases ( cost price ₹7500) at a proforma invoice of 25% profit on sale to his agent C of chandigarh . on the same date B paid ₹600 as expenses . C took delivery and paid ₹1200 for octroi and other duties and remitted ₹4000 as an advance . he sold 80 cases for ₹10500 . C is entitled to 5% commission on gross sale and 10% of the sales price in excess of invoice price . prepare consignment and consignee account?.
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