Hamish Powertools Ltd sells goods on consignment to its agent in Hong Kong, Kai Inc. The following
Question:
Hamish Powertools Ltd sells goods on consignment to its agent in Hong Kong, Kai Inc. The following transactions occurred.
Prepare the ledger accounts required to record these transactions in the books of: Hamish Powertools Ltd; and Kai Inc, Hong Kong.
Transcribed Image Text:
2015 Jan 5 Hamish Powertools Ltd sent 16 containers to Kai Inc. The pro-forma invoice showed the goods cost $1 300 per container. Hamish Powertools Ltd paid shipping charges $200 per container, insurance $3 400 and customs duties $1 750 by cheque. 5 Feb Kai Inc sent Hamish Powertools Ltd an account sales that showed all the goods on consignment had been sold for $44 000. Kai Inc had paid landing fees of $1 900 and storage costs of $2 100. Kai Inc charged commission of 6% and del credere commission of 2% on gross sales proceeds. 11 Feb 13 Hamish Powertools Ltd received the amount due from Kai Inc. LO
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
Hamish Powertools Ltd Inventory Control Account Date Account Titles and Explanation Debit Credit Jan ...View the full answer
Answered By
Maurat Ivan
I have been working in the education and tutoring field for the past five years, and have gained a wealth of experience and knowledge in this area. I have a bachelor's degree in education, and have completed additional coursework in teaching and tutoring.
In my previous roles, I have worked as a teacher in both private and public schools, teaching a variety of subjects including math, science, and English. I have also worked as a private tutor, providing one-on-one tutoring to students in need of additional support and guidance.
In my current role, I work as an online tutor, providing virtual tutoring services to students around the world. I have experience using a variety of online tutoring platforms and technologies, and am comfortable working with students of all ages and skill levels.
I am passionate about helping students succeed and reach their full potential, and I believe that my education and tutoring experience make me an excellent candidate for a tutoring job at SolutionInn. I am confident that my knowledge, skills, and experience will enable me to provide top-quality tutoring services to students on the SolutionInn platform.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Question Posted:
Students also viewed these Business questions
-
The following transactions occurred in January at Tarnsdale Fabricators, a manufacturer of custom tools: 1. Purchased $17,000 of materials. 2. Issued $16,800 in direct materials to the production...
-
The following transactions occurred between Belvidere Pharmaceuticals and D & S, the pharmacy chain, during July of the current year: Jul 6 D & S purchased $12,000 of merchandise from Belvidere on...
-
The following transactions occurred between East Pharmaceuticals and E & M, the pharmacy chain, during August of the current year: Aug 6 E & M purchased $11,000 of merchandise from East on credit...
-
Zainab company has sold goods on credit RO 55,000 on 31st December 2020 and received RO 15,000 towards credit sales. The company had debit balance of RO 5500 and the balance in accounts receivable...
-
What is the optimal time for a scuba diver to be on the bottom of the ocean? That depends on the depth of the dive. The U.S. Navy has done a lot of research on this topic. The Navy defines the...
-
Purple Haze Machine Shop is considering a four year project to improve its production efficiency. Buying a new machine press for $470,000 is estimated to result in $190,000 in annual pretax cost...
-
What might account for the fact that, on average, the investor return provided by the firms of endearment exceeded that of the Standard and Poors and Dow Jones averages?
-
Techno Tyme Inc. produces electronic timepieces. The company uses mini- LCD displays for its products. Each timepiece uses one display. The company produced 430 timepieces during October. However,...
-
a) Market refers to the mechanism through which all goods and services are voluntarily exchanged among different owners. Through price, markets allocate scarce resources among competing uses. Discuss...
-
Forrest runs Y Not Flowers, Inc. (YNF), a wholesale flower distributor with stores in several major metropolitan areas of the U.S. He is considering expanding his business, but he thinks his current...
-
Here is a list of possible benefits and disadvantages of computerising accounting records. The items are in random order. In each case decide whether the item should be considered an advantage (mark...
-
Marion and Nigel are in partnership, sharing profits and losses in the ratio 4:1, respectively. They sell the partnership assets to Opus Ltd for $210,000. The purchase consideration is made up of...
-
Using the cost and revenue graphs in Figure 4.52, sketch the following functions. Label the points q 1 and q 2 . (a) Total profit (b) Marginal cost (c) Marginal revenue $ 91 C(q) Figure 4.52 92 R(q) 9
-
What role does integrity play in the moral fabric of societal structures, and how does its absence affect social cohesion ?
-
Kristy has won a prize. She can accept the amount of $40,000 today or wait 4 years and receive $43,400. She does not know what to do. There are three expected interest rates, compounding monthly,...
-
You are going to play a game. You have to pay $1 to play. When you draw a face card, you with $4. If you draw anything else, you lose your $1. What is your expected value for this game?
-
what extent does integrity influence leadership effectiveness, and what distinguishes leaders who prioritize ethical conduct from those who prioritize other goals ?
-
What is the most important defining characteristic of multinational corporations? a.They can repeal the regulations and laws of supranational organizations. b.They have the ability to ignore the laws...
-
Explain the concept of peak pricing and provide an example from your own experience.
-
Graph the following conic sections, labeling vertices, foci, directrices, and asymptotes (if they exist). Give the eccentricity of the curve. Use a graphing utility to check your work. 10 5 + 2 cos 0
-
How does building new systems produce organizational change? a. Describe each of the four kinds of organizational change that can be promoted with information technology. b. Define business process...
-
What are the core activities in the systems development process? a. Distinguish between systems analysis and systems design. Describe the activities for each. b. Define information requirements and...
-
What are alternative methods for building information systems? a. Define the traditional systems lifecycle. Describe its advantages and disadvantages for systems building. b. Define information...
-
14) A managerial accountant should NOT disclose confidential information to an outside party (such as a newspaper) unless legally obligated to do so. 15) If a managerial accountant were NOT keeping...
-
12.On April 1, 2011, Jenkins Corporation issued $500,000 of 10 percent, 5-year bonds at a yield of 12 percent compounded semiannually. Interest is payable on April 1 and October 1 of each year. The...
-
Jos won $4,000,000 from the Puerto Rico lotto and will receive a check for $ 200,000 now and a similar check every year for 19 years. To guarantee these payments, the electronic Lottery purchased an...
Study smarter with the SolutionInn App