Consignment accounts
This query is : Resolved
Mohd Tahir Khan
(Querist)
30 October 2013
Dear all pls help me about this. Ques.
A of surat consings goods to b of jaipur to be sold at or above invoice price . B is entiteled to gat a commision of 8%on sales at invoice price plus 25%-f any surplus realized .b accepted a bill of exchange drawn byA amounting to 50%of the invoice price.
In the year 2010 goods consigened by A were invoiced at rs250000.these goods cost to A rs 200000 inculuding freight .sales made by B during the yera amounted to rs 235000 at the end of the year goods unsold with B represented an invoice value of rs 60000. During the year A had recived fromB RS 40000 BY BANK DRAFT,certein remittances being in transit on 31dec 2010 prpare ledger in the book of both the parties . Also show how thw consigntement stock will appear in the balnce sheet.
A of surat consings goods to b of jaipur to be sold at or above invoice price . B is entiteled to gat a commision of 8%on sales at invoice price plus 25%-f any surplus realized .b accepted a bill of exchange drawn byA amounting to 50%of the invoice price.
In the year 2010 goods consigened by A were invoiced at rs250000.these goods cost to A rs 200000 inculuding freight .sales made by B during the yera amounted to rs 235000 at the end of the year goods unsold with B represented an invoice value of rs 60000. During the year A had recived fromB RS 40000 BY BANK DRAFT,certein remittances being in transit on 31dec 2010 prpare ledger in the book of both the parties . Also show how thw consigntement stock will appear in the balnce sheet.
Mohd Tahir Khan
(Querist)
31 October 2013
anyone pls help ....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Urd purchase entry in tally prime
- GSTR-9C filing
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
