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 eachbicycle 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 andafter deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with theAccount 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» 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 eachbicycle 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 andafter deducting his commission and expenses amounting to ~ 20,000, he sent the balance amount by a draft with theAccount 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»

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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