Mr. Kareem of Dubai consigned to Mr. Abdalla of Abu Dhabi on 1 June 2016, 200 sports
Question:
Mr. Kareem of Dubai consigned to Mr. Abdalla of Abu Dhabi on 1 June 2016, 200 sports cycles @ 1,500 per cycle at cost. Abdalla accepted of * 1,00,000 B/R on 3rd June 2016. Kareem discounted it from the bank at " 90,000 and paid * 3,000 wages, 2,000 railway freight, and 1,000 packing expenses.
Abdalla paid* 1,000 for unloading, * 500 tax and * 2,000 go down rent. Abdalla received 5% general commission and 2% Delcredere commission. Abdalla sold 100 cycles for cash at 1800 per cycle and 50 cycles on credit @ 2000 per cycle. Abdalla sent an account of sale after deducting expenses and commission on 30 June 2016.
Prepare a Consignment Account (All the values are in AED).
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay