BAC313 Advanced Accounting 1

I. Explain the difference between agents commission and Del credere commission. (6marks) II. On 1/jan.2000,ochwo of Nairobi consigned 80 cases of medicines at shs 200each to Juma in Zazimbar.Ochwo paid freight shs,400 and insurance shs 600 on the total consignment. He received an account sales from Juma on 30/April/2000 showing that Juma has sold 48 cases at shs 30= each and that he had paid shs 500 customs duty and shs 700 for carriage on sales. Juma deducted his expenses and commission of 10% on sales and sent the balance by bank draft. A second account for sales was received on 30/june/2000, showing that he had sold the remaining stock at shs 400= per case. He had paid carriage outwards of shs, 800= and there were bad debts of shs, 400=. He deducted his expenses and commission and sent the balance to Ochow by bankdraft, Required; show the ledger of Ochow showing the net profit/loss on receipt of each account sales.