2. (a) Shri Ganpath of Nagpur consigns 500 cases of goods costing Jaipur. Shri Ganpath pays...

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2. (a) Shri Ganpath of Nagpur consigns 500 cases of goods costing Jaipur. Shri Ganpath pays the following expenses in consignment: (b) (c) salu Ⓒ The Institute of Chartered Accountants of India (i) Shri Rawat sells 350 cases at * 2,100 per case and incurs the following expenses: Clearing charges 18,000 January 15 Warehousing and Storage charges Packing and selling expenses February 10 Particulars. Carriage € Freight 45,000 Loading Charges 15,000 March 7 JMKS It is found that 50 cases were lost in transit and another 50 cases were in transit. Shri Rawat is entitled to a commission of 10% on gross sales. Draw up the Consignment Account and Rawat's Account in the books of Shri Ganpath. (3) JMKS Mr. Alok owes Mr. Chirag 650 on 1st January 2018. From January to March, the following further transactions took place between Alok and Chirag: Date 2018 January 1 January 10 January 15 February 12 February 20 The Institute of Chartered Accountants of India March 11 ₹ 15,000 March 14 Alok buys goods Alok buys goods Alok receives Cash loan 1,500 Alok pays the whole amount on 31st March, 2018 together with interest @ 6% per annum. Calculate the interest by average due date method. (5 Marks) Attempt any one of the following two sub-parts i.e. either (i) or (ii) JMKS 25,000 7,000 Mr. Badhri sends goods to his customers on Sale or Return. The following transactions took place during the month of December 2017. December 2nd Sent goods to customers on sale or return basis at cost plus 25%-80,000 December 10th - Goods returned by customers - * 35,000 (4) JMKS OR * 1,200 1,500 each to Rawat of connection with the ₹ 850 December 17th-Received letters from customers for approval - 35,000 December 23rd - Goods with customers awaiting approval - 15,000 Mr. Badhri records sale or return transactions as ordinary sales. You are required to pass the necessary Journal Entries in the books of Mr. Badhri assuming that the accounting year closes on 31st Dec. 2017. (5 Marks). (ii) From the following prepare an account current, as sent by Avinash to Bhuvanesh on 31st March, 2018 by means of products method charging interest @ 5% per annum: Particulars (10 Marks) Balance due from Bhuvanesh Sold goods to Bhuvanesh Bhuvanesh returned goods Bhuvanesh paid by cheque Bhuvanesh accepted a bill drawn by Avinash for one month Sold goods to Bhuvanesh Received cash from Bhuvanesh Amount (²) 1,800. 1,500 650 1,000 1,500 Ρ.Τ.Ο. 720 800 2. (a) Shri Ganpath of Nagpur consigns 500 cases of goods costing Jaipur. Shri Ganpath pays the following expenses in consignment: (b) (c) salu Ⓒ The Institute of Chartered Accountants of India (i) Shri Rawat sells 350 cases at * 2,100 per case and incurs the following expenses: Clearing charges 18,000 January 15 Warehousing and Storage charges Packing and selling expenses February 10 Particulars. Carriage € Freight 45,000 Loading Charges 15,000 March 7 JMKS It is found that 50 cases were lost in transit and another 50 cases were in transit. Shri Rawat is entitled to a commission of 10% on gross sales. Draw up the Consignment Account and Rawat's Account in the books of Shri Ganpath. (3) JMKS Mr. Alok owes Mr. Chirag 650 on 1st January 2018. From January to March, the following further transactions took place between Alok and Chirag: Date 2018 January 1 January 10 January 15 February 12 February 20 The Institute of Chartered Accountants of India March 11 ₹ 15,000 March 14 Alok buys goods Alok buys goods Alok receives Cash loan 1,500 Alok pays the whole amount on 31st March, 2018 together with interest @ 6% per annum. Calculate the interest by average due date method. (5 Marks) Attempt any one of the following two sub-parts i.e. either (i) or (ii) JMKS 25,000 7,000 Mr. Badhri sends goods to his customers on Sale or Return. The following transactions took place during the month of December 2017. December 2nd Sent goods to customers on sale or return basis at cost plus 25%-80,000 December 10th - Goods returned by customers - * 35,000 (4) JMKS OR * 1,200 1,500 each to Rawat of connection with the ₹ 850 December 17th-Received letters from customers for approval - 35,000 December 23rd - Goods with customers awaiting approval - 15,000 Mr. Badhri records sale or return transactions as ordinary sales. You are required to pass the necessary Journal Entries in the books of Mr. Badhri assuming that the accounting year closes on 31st Dec. 2017. (5 Marks). (ii) From the following prepare an account current, as sent by Avinash to Bhuvanesh on 31st March, 2018 by means of products method charging interest @ 5% per annum: Particulars (10 Marks) Balance due from Bhuvanesh Sold goods to Bhuvanesh Bhuvanesh returned goods Bhuvanesh paid by cheque Bhuvanesh accepted a bill drawn by Avinash for one month Sold goods to Bhuvanesh Received cash from Bhuvanesh Amount (²) 1,800. 1,500 650 1,000 1,500 Ρ.Τ.Ο. 720 800

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