Monday, March 30, 2009

Solved problem

On 1st July 2005 P & Co. sends 300 cases of medicines to Teeshan on consignment'basin The cost of each case was Rs. 1,000. P &Ctf. incurred the following expenses on the consignment: Rs. 750 on railway freight and Rs. 450 on insurance.
200 cases were sold by Zeeshan uniformly at Rs. 2000 per case. The expenses of Zeeshan amounted to Rs. 1,200. He sent an account sale on 31st December 2005 which revealed that he charged 5 % as ordinary commission and 10 % as delcreder commission. He sent a bank draft for Rs. 90,000.
You are required to prepare Consignment Account, Zeeshan's Account and goods sent on consignment Account in the books of P & Co.
ins: [Profit on consignment Rs. 1,38,000}
On 1st March 2005 Karini Bux consigned cloth to the value of Rs. 6,50,000 at cost to Afzal & Sons, his agent in Multan. Who accepted a 3 months draft for Its.7.80,000. The draft was discounted at a cost of Rs. 13,000.
Karim Bux paid Rs. 35,000 as freight and Rs. 6,500 as insurance on 30th September 2005, Afzal & Sons notified Karim Bux that 4/5th of the goods had been sold for Rs. 8,24,000 and that the selling expenses were Rs. 12,100.
Afzal & Sons' were entitled to a commission at the rate of 10 % on sales. Show these transactions in the necessary ledgers of both the parties.
: fConsignment Profit Rs. 176,300]
On 1st July 2005 Mr. M in Sialkot consigned to Mr. R in Swat, goods to the value of Rs. 60,000, paying freight charges Rs. 5,000 and draws a bill on Mr. R for Rs. 30,000.3/4the of this consignment was sold by Mr. R for Rs. 70,000 and expenses Rs. 6,000 were incurred. Mr. R is also entitled to a commission of 6 % on sales. Mr. R remitted to Mr. M, the net amount held for his account by means of a sight draft. Show the ledger accounts in the books of Mr. M.
mms. [Profit on Consignment Rs. 11,050]

On 1st January 2005 Mr. C of Lahore consigned to D of Sargodha goods for sale. Mr. D Is entitled to a commission of 5%. Goods costing Rs. 24,000 were consigned to Sargodha . The expenses of consignment amounted to Rs. 2,000. On 31st March 2005 an Account Sales was received from Mr. D showing that he had affected sates of Rs. 24,000 in respect of 3/4 of the quantity of goods consigned to him. The expenses incurred by him amounted to Rs. 1,200. Mr. D remitted the amount due by a bank draft
Prepare consignment account, goods sent on consignment account and Mr. D's account in the Books of Mr. C.
[Profit on Consignment Rs. 2,100]

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