C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignme

1.	C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignment basis on 1.1.2014. The cost of each bicycle was ~ 800, C incurred ~ 500 for freight, ~ 750 for cooli charges and ~ 850 for insurance premium. On 31.12.2014, C received on Account Sales from B, which showed that he sold 80 bicycles @ ~ 1,200 each and after deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with the Account Sales. According to contract, B is entitled to get ordinary commission @ 10% and del credere commission @ 5% on sale proceeds. Show important Ledger Accounts in the books of both the parties.
Answer» ong>ANSWER: ACCOUNTING or Accountancy is the MEASUREMENT, processing, and communication of financial and non financial information about ECONOMIC entities such as businesses and corporations. Organizations in this sector: Institute of Chartered Accountants in England and Wales

C of Calcutta sent 100 bicycles to B of Mumbai to be sold on consignment basis on 1.1.2014. The cost of each bicycle was ~ 800, C incurred ~ 500 for freight, ~ 750 for cooli charges and ~ 850 for insurance premium. On 31.12.2014, C received on Account Sales from B, which showed that he sold 80 bicycles @ ~ 1,200 each and after deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with the Account Sales. According to contract, B is entitled to get ordinary commission @ 10% and del credere commission @ 5% on sale proceeds. Show important Ledger Accounts in the books of both the parties.

Answer»

ong>ANSWER:

ACCOUNTING or Accountancy is the MEASUREMENT, processing, and communication of financial and non financial information about ECONOMIC entities such as businesses and corporations.

Organizations in this sector: Institute of Chartered Accountants in England and Wales

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ACCOUNTING or Accountancy is the MEASUREMENT, processing, and communication of financial and non financial information about ECONOMIC entities such as businesses and corporations.

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