Solution [Мапоптаnian, B.Com. April 2000)& Co. Madurai Somu & Co, paid Rs. 200 as insurance and Rs. 300 as fte w Consignee took delivery or une IVn "g unu oPe KS. 700 as godown rent,(Ans : Abnormal loss : Rs. 4,575|[Ans : Amount due from Nathan & Co., : Rs. 22,390Madurai Somu& Co, consigned 50 Cases of goods @ Rs. 200 cach to Chennai Nathan& Co. sold the goods for Rs. 24,000 and paid Rs. 520 for carriage and Rs. 130 forGodown Rent. Nathan & Co, is eligible for 4% Commission on Gross sales. Nathan& Co. Sends cheque for the balance due. Show the journal entries and Nathan & Co.8:070.08KB/SVoLTE43% ONew doc 15-Mar-2...by fire onKs. 1,000 import duty and Rs. 300 as carriage outwardsCalculate the value of abnormal loss.(В) Other EхercisesGoend sent or Consignment at Costfreight. Nathanscount in the books of M/s, Madurai Somu & Co.[Bharathidasan, B.Com. April 2001:Bharathiar, B.Com. Nov. 19991.Profit on Consignment: Rs. 11,8901On 1st April, 1996. Arun of Nellore consigned to Balu of Chennai 200 radio set ar P1,300 each. Arun paid Rs. 500 for insurance and Rs. 1,000 for freight. On 13th AnrilBalu received the consignment and had to pay Rs. 300 as unloading charges and Rs.150 as dock charges. On 14th October, 1996, Balu sent on account sales to Anininforming that till 30th Sept., 1996, 180 sets were sold at Rs. 1,400 each and 20 setsat Rs. 1,350 each. Balu sent the balance by a demand draft after deducting hiscommission at 10% on sales.Show the necessary journal entries in the books of Arun.[Мапoптanian, В.Соm., Аpril 1998][Ans : Loss on consignment : Rs. 10,850;Amount received from Balu : Rs. 2,50,650]3./X' from Velur consigns 50 Bales of Cotton at Rs. 400 per bale to his agent `Y'inMadras. 'Y' is entitled for a commission of 5% on sales plus expenses.*Y' sells the consignment for Rs. 28,000 incurring freight charges Rs. 100 and InsuranceRs. 500 and remils the sales proceeds by a cheque, Pass journal entries in the boOks otboth the parties.[Bharathiar, B.Com. April 1999; Nov. 19989|Amount due from Y : Rs. 26,000)O O

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& Co. sold the goods for Rs. 24,000 and paid Rs. 520 for carriage and Rs. 130 for [Bharathidasan, B.Com. April 2001; & Co. Sends cheque for the balance due. Show the journal entries and Nathan & Co. Bharathiar, B.Com. Nov. 1999| Madurai Somu& Co, consigned 50 Cases of goods @ Rs. 200 cach to Chennai Nathan &Co. Madurai Somu & Co, paid Rs. 200 as insurance and Rs. 300 as freight. Nathan Godown Rent. Nathan & Co, is eligible for 4% Commission on Gross sales. Nathan [Ans : Amount due from Nathan & Co., : Rs. 22,390 Goondy sent on Consignment at Cost acount in the books of M/s. Madurai Somu & Co. Profit on Consignment: Rs. 11,8901|

& Co. sold the goods for Rs. 24,000 and paid Rs. 520 for carriage and Rs. 130 for [Bharathidasan, B.Com. April 2001; & Co. Sends cheque for the balance due. Show the journal entries and Nathan & Co. Bharathiar, B.Com. Nov. 1999| Madurai Somu& Co, consigned 50 Cases of goods @ Rs. 200 cach to Chennai Nathan &Co. Madurai Somu & Co, paid Rs. 200 as insurance and Rs. 300 as freight. Nathan Godown Rent. Nathan & Co, is eligible for 4% Commission on Gross sales. Nathan [Ans : Amount due from Nathan & Co., : Rs. 22,390 Goondy sent on Consignment at Cost acount in the books of M/s. Madurai Somu & Co. Profit on Consignment: Rs. 11,8901|

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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