Consigment

llauf & Co. of Lahore consigned to Farooq of Gujrat, 60 boxes of toys at Rs. 400
The consignor paid carriage and insurance of Rs. 2,000. Farooq sent Rs. 10,0< payment. Rauf & Co. received an Account Sales from Farooq containing particulars:
Gross sales proceeds are Rs. 34,000.
Transportation and warehousing charges are Rs. 1,500.
Commission at 15 % on gross proceeds.
Rauf & Co. received bank remittance for the balance due from Farooq on the Pass the Journal entries and the necessary Ledger Accounts in the books of < consignee.
Ans: [Consignment Profit Rs. 1400]
2. Karim & Co. of Karachi sent on consignment to Salman & Sons, of Lahore 60 cgoods costing Rs. 175 per case. Expenses incurred by the consignor at Karachi ar
Freight Rs. 275; Insurance Rs. 55; Loading Charges Rs. 20. Karim & Co. Draw on Salman & Sons. 2 months bill at sight for Rs. 7,000 wl accepts. The charges paid by Salman & Sons, at Lahore were: unloading ch storage Rs. 85; Insurance Rs. 15. Commission is payable to Salman & Sons, at 2 in addition to Ij % delcredere commission.
The consignee sells all the cases @ Rs. 240 per case.
Pass the journal entries and consignment account in the books of Karim & Co.
Ans: [Profit on Consignment Rs. 2916]
3. Global Co. of Karachi sent 1,000 cases of Homeopathic medicines to ZahiRawalpindi at Rs. 100 per case. Expenses on the Consignment incurred byamounted to Rs. 3,000. Zahid & Bros, in Rawalpindi were working as delcredencommission is 5 % ; Delcredere Commission is 7 1/2 %.
Exactly after six months an 'Account Sales' was received by Global Co. giving information:
Sale proceeds of 750 cases Rs. 1,50,000
Stock of unsold goods in hand, 250 cases
Consignee's expenses amounted to Rs. 1,200
A Bank draft for Rs. 1,00,000 was sent by Zahid Bros, along with the accoi
You are asked to give the necessary entries in the books of the consignor to rec transactions.
Ai-.: [Profit on Consignment Rs. 52,800]