Anand of Bangalore consigned to Raj of pune, goods to be sold at invoice price which...
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Anand of Bangalore consigned to Raj of pune, goods to be sold at invoice price which represents 125% of cost. Raj is entitled to a commission of 10% on sales at invoice price and 25% of any excess realised over invoice price. The expenses on freight and insurance incurred by Anand were 12,000. The account sales received by Anand. shows that Raj has effected sales amounting to 1,20,000 in respect of 75% of the consignment. His selling expenses to be reimbursed were 9,600. 10% of consignment goods of the value of and the insurance company paid favour of Anand. 15,000 were destroyed in fire at the Pune godown 12,000 net of salvage. Raj remitted the balance in You are required to prepare Consignment Account and the account of Raj in the books of Anand along with the necessary calculations. (10 Marks) P.T.O. DRC The Institute of Chartered Accountants of India (b) A firm sends goods on "Sale or Return basis": Customers have the choice of returning the goods within a month. During May 2018, the following are the details of goods sent: (4) DRC (i) 23rd March 12 Date (May) 2 8 Customers P B Q D E Value (*) 17,000 22,000 25,000 5,500 2,000 28,000 Within the stipulated time, P and Q returned the goods and B, D and E signified that they have accepted the goods. Show in the books of the firm, the Sale or Return Account and Customer-Q for Sale or Return Account as on 15th June 2018. (5 Marks) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii) The following amounts are due to X.by Y.Y wants to pay on 10th July 2019. Interest rate of 9% p.a. is taken into consideration. Due dates Ⓒ The Institute of Chartered Accountants of India 18th August (Sunday) 10th January 750 26th January (Republic Day) 1,200 3,300 4,100 18 OR DRC (5) 20 Determine average due date and the amount to be paid on 10th July 2019. Assume 10th January as base date. (5 Marks) DRC 27 R ₹ 14-07-2018 1,23,000 18-08-2018 21,000 92,000 11,500 (ii) Ramesh has a Current Account with Partnership firm. He had a debit balance of 85,000 as on 01-07-2018. He has further deposited the following amounts: Date Amount (3) He withdrew the following amounts: Date Amount (*) 29-07-2018 09-09-2018 Show Ramesh's A/c in the books of the firm. Interest is to be calculated at 10% on debit balance and 8% on credit balance. You are required to prepare current account as on 30th September, 2018 by means of product of balances method. (5 Marks) Anand of Bangalore consigned to Raj of pune, goods to be sold at invoice price which represents 125% of cost. Raj is entitled to a commission of 10% on sales at invoice price and 25% of any excess realised over invoice price. The expenses on freight and insurance incurred by Anand were 12,000. The account sales received by Anand. shows that Raj has effected sales amounting to 1,20,000 in respect of 75% of the consignment. His selling expenses to be reimbursed were 9,600. 10% of consignment goods of the value of and the insurance company paid favour of Anand. 15,000 were destroyed in fire at the Pune godown 12,000 net of salvage. Raj remitted the balance in You are required to prepare Consignment Account and the account of Raj in the books of Anand along with the necessary calculations. (10 Marks) P.T.O. DRC The Institute of Chartered Accountants of India (b) A firm sends goods on "Sale or Return basis": Customers have the choice of returning the goods within a month. During May 2018, the following are the details of goods sent: (4) DRC (i) 23rd March 12 Date (May) 2 8 Customers P B Q D E Value (*) 17,000 22,000 25,000 5,500 2,000 28,000 Within the stipulated time, P and Q returned the goods and B, D and E signified that they have accepted the goods. Show in the books of the firm, the Sale or Return Account and Customer-Q for Sale or Return Account as on 15th June 2018. (5 Marks) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii) The following amounts are due to X.by Y.Y wants to pay on 10th July 2019. Interest rate of 9% p.a. is taken into consideration. Due dates Ⓒ The Institute of Chartered Accountants of India 18th August (Sunday) 10th January 750 26th January (Republic Day) 1,200 3,300 4,100 18 OR DRC (5) 20 Determine average due date and the amount to be paid on 10th July 2019. Assume 10th January as base date. (5 Marks) DRC 27 R ₹ 14-07-2018 1,23,000 18-08-2018 21,000 92,000 11,500 (ii) Ramesh has a Current Account with Partnership firm. He had a debit balance of 85,000 as on 01-07-2018. He has further deposited the following amounts: Date Amount (3) He withdrew the following amounts: Date Amount (*) 29-07-2018 09-09-2018 Show Ramesh's A/c in the books of the firm. Interest is to be calculated at 10% on debit balance and 8% on credit balance. You are required to prepare current account as on 30th September, 2018 by means of product of balances method. (5 Marks)
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Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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