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Mintu sends 1,000 boxes of clothing to Pintu on consignment, with costs and expenses detailed, leading to a sales report from Pintu showing sales of 500 boxes at 250 each and 300 boxes at 260 each, leaving 200 unsold. Pintu incurs additional expenses and is entitled to a commission, ultimately sending a cheque to Mintu for the balance. The document also describes a separate consignment transaction between John and Hari involving goods, expenses, and insurance compensation, requiring account entries for profit or loss on consignment.

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37 views3 pages

Homework

Mintu sends 1,000 boxes of clothing to Pintu on consignment, with costs and expenses detailed, leading to a sales report from Pintu showing sales of 500 boxes at 250 each and 300 boxes at 260 each, leaving 200 unsold. Pintu incurs additional expenses and is entitled to a commission, ultimately sending a cheque to Mintu for the balance. The document also describes a separate consignment transaction between John and Hari involving goods, expenses, and insurance compensation, requiring account entries for profit or loss on consignment.

Uploaded by

preetibhattacharya82
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Mintu of Kolkata sends 1,000boxes of clothing to Pintu of Patna on consignment basis.

The goods in each


box cost 200. Mintu pays railway freight and insurance 7500 and draws upon Pintu a bill for 10,000,
which is duly accepted. Pintu forwards an Account Sales to Mintu showing that 500 boxes have been sold
at 250 per box while 300 boxes were sold at 260 per box. 200 boxes remained unsold. The expenses
incurred by Pintu consisted of carriage 100and other charges 2,000. Pintu is entitled to a commission @
5% on the gross sales and 2% as del-credere commission. Pintu encloses a cheque for the balance due to
Mintu.
Show the Consignment Account in the books of Mintu. [CUBCom(Gen.), 2008-Adapted]
John consigns to Hari 40 cases of goods at a cost of 5,000 per case and incurs the following expenses in
connection with the same, viz.Cartage 7940; Freight 3,480 and Insurance 12,500. On arrival of the goods
Hari pays clearing charges 73,120, Cartage 7960and Godown charges T200. Six cases are destroyed by fire
and asum of 730,000 is realised from the Insurance Company by way of compensation. Out of the remaining
34 cases, 24 cases are sold at a total price of T2,20,000. Hari is entitled to an ordinary commission of 5% and
2% del-credere commission on sales in addition to reimbursement for expenses incurred. He sends to John
Account Sales together with sight draft for the balance due to John.
In the books of John, show the Consignment Account (indicating the profit or loss on consignment), Hari's
Account and Goods Destroyed by Fire A/c. [CUB Com (Gen.), 2009 -Adapted]

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