Menu
Consignment
X of kolkata sends out goods costing rs.300000 to Y of delhi. commission agreement-2% on sales+3% on sales as del -credere commission. the entire goods is sold by consignee for rs. 4 lacs. however, consignee is able to recover rs.395000 from the debtors. the amount of profit to be transferred to p/l as net commission by consignee will be______?
please rply
Replies (2)
| Originally posted by : Abhishek Kumar | ||
 |
X of kolkata sends out goods costing rs.300000 to Y of delhi. commission agreement-2% on sales+3% on sales as del -credere commission. the entire goods is sold by consignee for rs. 4 lacs. however, consignee is able to recover rs.395000 from the debtors. the amount of profit to be transferred to p/l as net commission by consignee will be______? please rply |
 |
When the consignee is in receipt of del-credere commission, loss on account of bad debts is born by the consignee.
.
The amount to be transferred to P/L A/c by consignee in that case will be:
= Gross Commission Received – Loss on account of Bad Debts
.
So, in given Case:
|
Gross Commission Received (Rs. 400000 x 5%) |
20000 |
|
Less: Loss on Account of Bad Debts (Rs. 400000 – Rs. 395000) |
5000 |
|
Net amount to be transferred to General P/L |
15000 |
Thanks a lot for your help sir...
Recent Topic
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
- Internal reconstuction
- IDS Refund – Annexure B & GSTR-3B Match,
- Can i should STCG and LTCG as business income ?
Related Topics
CAclubindia
