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Make all the legder accounts in the books of h ltd

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A. Ltd. Forwarded on 1st December, 2020, 50 pressure cookers to kae of Mumbai to sold on behalf of H. ltd. The cost of one pressure cooker was Rs.1200 but the invoice price was 1600. H ltd. Incurred Rs. 2000 on freight and insurance. Kale received the consignment on 14th December, 2020 and accepted a 3 months draft drawn upon him by H. ltd for Rs.40000. kale paid Rs. 1050 as rent and Rs 250 as insurance and by 31st March had disposed of 40 pressure cookers at Rs.1640 each. Kale is entitled to a commission of 5 per cent on sales including a del credited commission of 1 %. Kale sold pressure cookers on credit and was not able to recover sale proceeds of one pressure cooker because of insolvency of the debtor.

Required:

Problem 1: Make all the legder accounts in the books of H.Ltd, and

Problem 2: Pass journal entries for all the transactions relating to consignment.

Reference no: EM132668848

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