On 1/1/2017, Amar Mills of Calcutta consigned 5,000 Kg of oil to Vijay Stores of Madras....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On 1/1/2017, Amar Mills of Calcutta consigned 5,000 Kg of oil to Vijay Stores of Madras. Each Kg of oil costs $ 8. Amar Mills paid $ 50 as carriage, $250 as freight and $200 as insurance. During transit, 500 Kg were accidentally destroyed for which the Insurance company paid directly to consignor $2,500 in full settlement of the claim. On 1/4/2017, Vijay Stores of Madras reported that 3,500 Kg of oil were sold @ $9.50 per Kg. and expenses being: Godown rent $ 500 and salesman's salary $750. Vijay Stores is entitled to a 5% commission on sales. Vijay Stores also reported a loss of 20 Kg due to leakage. Show (i) Consignment to Madras Account; (ii) Vijay Stores Account; (iii) Consignment Stock Account in the books of the consignor. On 1/1/2017, Amar Mills of Calcutta consigned 5,000 Kg of oil to Vijay Stores of Madras. Each Kg of oil costs $ 8. Amar Mills paid $ 50 as carriage, $250 as freight and $200 as insurance. During transit, 500 Kg were accidentally destroyed for which the Insurance company paid directly to consignor $2,500 in full settlement of the claim. On 1/4/2017, Vijay Stores of Madras reported that 3,500 Kg of oil were sold @ $9.50 per Kg. and expenses being: Godown rent $ 500 and salesman's salary $750. Vijay Stores is entitled to a 5% commission on sales. Vijay Stores also reported a loss of 20 Kg due to leakage. Show (i) Consignment to Madras Account; (ii) Vijay Stores Account; (iii) Consignment Stock Account in the books of the consignor. On 1/1/2017, Amar Mills of Calcutta consigned 5,000 Kg of oil to Vijay Stores of Madras. Each Kg of oil costs $ 8. Amar Mills paid $ 50 as carriage, $250 as freight and $200 as insurance. During transit, 500 Kg were accidentally destroyed for which the Insurance company paid directly to consignor $2,500 in full settlement of the claim. On 1/4/2017, Vijay Stores of Madras reported that 3,500 Kg of oil were sold @ $9.50 per Kg. and expenses being: Godown rent $ 500 and salesman's salary $750. Vijay Stores is entitled to a 5% commission on sales. Vijay Stores also reported a loss of 20 Kg due to leakage. Show (i) Consignment to Madras Account; (ii) Vijay Stores Account; (iii) Consignment Stock Account in the books of the consignor. On 1/1/2017, Amar Mills of Calcutta consigned 5,000 Kg of oil to Vijay Stores of Madras. Each Kg of oil costs $ 8. Amar Mills paid $ 50 as carriage, $250 as freight and $200 as insurance. During transit, 500 Kg were accidentally destroyed for which the Insurance company paid directly to consignor $2,500 in full settlement of the claim. On 1/4/2017, Vijay Stores of Madras reported that 3,500 Kg of oil were sold @ $9.50 per Kg. and expenses being: Godown rent $ 500 and salesman's salary $750. Vijay Stores is entitled to a 5% commission on sales. Vijay Stores also reported a loss of 20 Kg due to leakage. Show (i) Consignment to Madras Account; (ii) Vijay Stores Account; (iii) Consignment Stock Account in the books of the consignor.
Expert Answer:
Answer rating: 100% (QA)
Consignment to Madras Account To Goods Sent on Consigment 40000 By Profit and Loss Account 4050 T... View the full answer
Related Book For
Macroeconomics Principles and Policy
ISBN: 9780324586213
11th Edition
Authors: William J. Baumol, Alan S. Blinder
Posted Date:
Students also viewed these accounting questions
-
During 2012, Transit Airlines paid salary expense of $42.4 million. At December 31, 2012, Transit accrued salary expense of $2.2 million. Transit then paid $2.2 million to its employees on January 3,...
-
6. On January 1, Puckett Company paid $1.6 million for 50,000 shares of Harrison's voting com- mon stock, which represents a 40 percent investment. No allocation to goodwill or other spe- cific...
-
1.) On January 1, 2014, Jack Company issues $3,744,000, 6%, 10-year bonds for cash of $3,013,464 when the market rate of interest is 9%. The bonds pay interest semi-annually on June 30 and December...
-
Hombran Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million; and other assets totaling $160 million. Current liabilities are $160 million and long-term...
-
1. A year ago, George Jetson, from Orbit City, Texas, invested $1000 by buying 100 shares of the Cant Lose Mutual Fund, an aggressive growth no-load mutual fund. George reinvested his dividends, so...
-
Refer to the information in Exercise 23-20A. In addition, assume each finished unit requires five pounds of raw materials and the company wants to end each month with raw materials inventory equal to...
-
New Science leadership: A. Thinks of leadership through a new perspective of naturally occurring events. B. Is based on ethics, biology, and chemistry. C. Involves leading based on the situation. D....
-
Lansing Mfg. prepared the following 2010 abbreviated flexible budget for different levels of machine hours: Each product requires 4 hours of machine time, and the company expects to produce 10,000...
-
ERP has expanded beyond manufacturing into what role? Choices: Adding supply chain management to MRP Adding services Adding capacity checking to MRP Enterprise applications integration
-
The data displayed in the plot below are from a nearly complete record of body masses of the worlds native mammals (in grams, then converted to log-base 10; Smith et al. 2003). The data were divided...
-
QUESTION 6 Set up but do not evaluate F. F-ds, where F(x,y,z) = (2z.y.x) and S is the part of the plane (with upward orientation) given by r(u,v) = (u +2v,u-v.1-u). Isus2, 0vs5. 13 (3u+4v+2) du dv (3...
-
What questions should be asked by an auditor in determining the appropriate opinion to express?
-
Indicate the opinions that may be expressed for (a) a scope limitation (b) nonconformity with GAAP.
-
a. Explain the circumstance and the effects on the auditor's report when nonconformity with a promulgated principle results in an unqualified opinion. b. Contrast the effects on the auditor's report...
-
a. What pronouncements are recognized as promulgated accounting principles? b. Must a company always comply with promulgated accounting principles under Ethics Rule 203?
-
Distinguish between the levels of assurance that may be given when (a) auditing and (b) applying agreed-upon procedures to specified elements, accounts, or items of a financial statement.
-
what the average of mobile consumption in europe between 20 & 30 years.
-
1. Below is depicted a graph G constructed by joining two opposite vertices of C12. Some authors call this a "theta graph" because it resembles the Greek letter 0. a. What is the total degree of this...
-
Graphically show the production possibilities frontier for the nation of Stromboli, using the data given in the following table. Does the principle of increasing cost hold in Stromboli? Strombolis...
-
The same rightward shift of the demand curve may produce a very small or a very large increase in quantity, depending on the slope of the supply curve. Explain this conclusion with diagrams.
-
For each of the following transactions, indicate how it would affect the U.S. balance of payments if exchange rates were fixed: a. You spent the summer traveling in Europe. b. Your uncle in Canada...
-
Using the work already done in creating the Spanning Tree One Step function, write a full, simplified version of the complete undirected spanning tree algorithm, without the options, which takes the...
-
Consider two connected components of an undirected graph \(G\), and suppose each has no cycles. Let \(G^{\prime}\) be a new graph whose vertex set is the union of the vertex sets of the two...
-
Is it possible to construct an undirected tree whose eight vertices have degrees \(1,2,3,3,1,1,3\), and 2 , respectively? Why, or why not?
Study smarter with the SolutionInn App