Consignment account in the books of consigner

Assignment Help Accounting Basics

Reference no: EM13259696

On 1st January 1988 red of quetta consigned to blue ofKarachi goods for sale blue is entitled to commission of 6% oninvoice price and 20% of any surplus price realized. Goods costingRs.18000 were consigned to blue of Karachi at invoice price ofRs.22500. the expenses of consignment amounted to Rs.1800 wereincurred by red. On 1st march, an account saleswas received from blue showing that he had affected sales ofRs.18500 in respect of 75% of the quantity of goods consigned tohim. His actual out of pocket expenses were freight in Rs. 180 ,fire insurance Rs.90 and other expenses Rs.230, blue accepted abill drawn by red for Rs.10000 and remitted the balance in cash.

Required: prepare the consignment account in the books of consigner.

Reference no: EM13259696

Questions Cloud

The standard for standardizing solutions such as potassium : Oxalic acid (H2C2O4) is a useful primary standard for standardizing solutions such as potassium permanganate (KMnO4). In a particular standardization experiment 29.00g of oxalic acid, is titrated with 243.00mL of permangante solution

Calculate requirement of working capital management : How to calculate requirement of working capital management?

Determine how long will the cassette operate at normal power : A walker's cassette tape player uses four AA batteries in series to provide 6 V to the player circuit. The four alkaline battery cells store a total of 200 watt-seconds of energy. If the cassette player is drawing a constant 10 mA from the battery..

Calculate the current in the wire : A 0.900-V potential difference is maintained across a 1.50-m length of tungsten wire that has a cross-sectional area of 0.400 mm2. What is the current in the wire

Consignment account in the books of consigner : Required: prepare the consignment account in the books of consigner.

What extent should end users be involved in the design : To what extent should end users be involved in the design of a database? How have our ideas of agile development environments affected this traditionally non-user input environment?

Compute cost of goods manufactured : Work-in-process inventory was $12,000 at January 1 and $15,500at December 31. Compute cost of goods manufactured.

Compute the time required for the system : A certain substance, intially present at 0.500 M, decomposes by second-order kinetics with a rate constant of 4.00 x 10-1 L/mol min. Calculate the time (in minutes) required for the system to reach a concentration of 0.370 M.

Calculate the final speeds for the two pucks : If the final angles are measured to have the values ?=10° and f= 8°, calculate the final speeds for the two pucks

User Account

All Pages