A Products Limited of Kolkata has given the following particulars regarding tea sent on consignment to...

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A Products Limited of Kolkata has given the following particulars regarding tea sent on consignment to C Stores of Mumbai : Cost price Selling price 100 each 150 each Qty consigned 1,000 Tins 1,000 Tins (i) The consignment was booked on freight "To Pay" basis. The www.freight was charged @ 5% of selling value. 5 Kg. Tin 10 Kg. Tin (ii) C Stores sold 500, 5 kg Tins and 800, 10 kg Tins. It paid insurance of 10,000 and storage charges of 20,000. (iii) C Stores is entitled to a fixed commission @ 10% on Sales. (iv) During transit 50 quantity of 5 kg Tin and 20 quantity of 10 kg Tin got damaged and the transporter paid 5,000 as damage charge. Prepare the Consignment Account in the books of A Products Limited. (b) From the following particulars prepare an account current, as sent by Mr. Amit to Mr. Piyush as on 31st December, 2020 by means of product method charging interest @ 8% p.a. Date 01-09-2020 15-10-2020 Balance due from Piyush Sold goods to Piyush Goods returned by Piyush Piyush paid by Cheque 15-12-2020 Received cash from Piyush 20-10-2020 22-11-2020 180 each © The Institute of Chartered Accountants of India 000 Date Particulars 12-06-20 5,000 15-07-20 YPS 12-06-20 250 each (c) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii) (i) From the following information show the journal entries in the books of ABC Limited for the year ended 31st March, 2020: Bills Receivable 28-06-20 (5) YPS (1) 100 units of goods costing 500 each sent to XYZ Limited on Sales or Return Basis @ 750 per unit. This transaction was however treated as actual sales in the books of accounts. (2) Out of the above 100 units, only 60 units were accepted by XYZ Limited during the year @700 per unit. No information was received about acceptability of balance units by the year end. OR (ii) Mahesh had the following bill receivables and bills payables against Rajesh. Calculate the average due date, when the can be received or made without any loss of interest. payment Tenure 3 months 27-05-20 1 month 3 months www fina 2 months 900 Date 2 months 1,450 250 Bills Payable 3,700 1,200 10-07-20 6,200 3,500 1,500 2,500 15th August, 2020 was Public holiday. However, 10th September, 2020 was also suddenly declared as holiday. 600 10-07-20 5,000 Tenure 3 months 07-06-20 4,000 3 months 1 month 10 Mar A Products Limited of Kolkata has given the following particulars regarding tea sent on consignment to C Stores of Mumbai : Cost price Selling price 100 each 150 each Qty consigned 1,000 Tins 1,000 Tins (i) The consignment was booked on freight "To Pay" basis. The www.freight was charged @ 5% of selling value. 5 Kg. Tin 10 Kg. Tin (ii) C Stores sold 500, 5 kg Tins and 800, 10 kg Tins. It paid insurance of 10,000 and storage charges of 20,000. (iii) C Stores is entitled to a fixed commission @ 10% on Sales. (iv) During transit 50 quantity of 5 kg Tin and 20 quantity of 10 kg Tin got damaged and the transporter paid 5,000 as damage charge. Prepare the Consignment Account in the books of A Products Limited. (b) From the following particulars prepare an account current, as sent by Mr. Amit to Mr. Piyush as on 31st December, 2020 by means of product method charging interest @ 8% p.a. Date 01-09-2020 15-10-2020 Balance due from Piyush Sold goods to Piyush Goods returned by Piyush Piyush paid by Cheque 15-12-2020 Received cash from Piyush 20-10-2020 22-11-2020 180 each © The Institute of Chartered Accountants of India 000 Date Particulars 12-06-20 5,000 15-07-20 YPS 12-06-20 250 each (c) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii) (i) From the following information show the journal entries in the books of ABC Limited for the year ended 31st March, 2020: Bills Receivable 28-06-20 (5) YPS (1) 100 units of goods costing 500 each sent to XYZ Limited on Sales or Return Basis @ 750 per unit. This transaction was however treated as actual sales in the books of accounts. (2) Out of the above 100 units, only 60 units were accepted by XYZ Limited during the year @700 per unit. No information was received about acceptability of balance units by the year end. OR (ii) Mahesh had the following bill receivables and bills payables against Rajesh. Calculate the average due date, when the can be received or made without any loss of interest. payment Tenure 3 months 27-05-20 1 month 3 months www fina 2 months 900 Date 2 months 1,450 250 Bills Payable 3,700 1,200 10-07-20 6,200 3,500 1,500 2,500 15th August, 2020 was Public holiday. However, 10th September, 2020 was also suddenly declared as holiday. 600 10-07-20 5,000 Tenure 3 months 07-06-20 4,000 3 months 1 month 10 Mar