Maya consigned 400 boxes of shaving brushes, each box containing 100 shaving brushes. Cost price of...

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Maya consigned 400 boxes of shaving brushes, each box containing 100 shaving brushes. Cost price of each box was 3,000. Maya spent 500 per box as cartage, freight, insurance and forwarding charges. One box was lost on the way and Maya lodged claim with insurance company and could get 2,700 as claim on average basis. Consignee took delivery of the rest of the boxes and spent 1,99,500 as non- recurring expenses and 1,12,500 as recurring expenses. He sold 370 boxes at the rate of 65 per shaving brush. He was entitled to 2% commission on sales plus 1% del-credere commission. You are required to prepare Consignment Account. (b) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii). (i) From the following particulars prepare a account current, as sent by Mr. Raju to Mr. Sunil as on 31st October 2020 by means of product method charging interest @ 12% p.a. Particulars 2020 1st July 15th August 20th August 22nd September 15th October Balance due from Sunil Sold goods to Sunil Goods returned by Sunil Sunil paid by cheque Received cash from Sunil FYZ The Institute of Chartered Accountants of India Bills Receivable (6) FYZ Amount OR (ii) Rakesh had the following bills receivable and bills payable against Mukesh. Date Tenure Date 840 1,310 240 830 560 Bills Tenure Payable 2,500 2 month 3,400 3 month 5,700 1 month 1st June 3,400 3 month 29th May 5th June 3 month 3rd June 2,900 5,800 9th June 1 month 9th June 12th June 1,700 2 month 20th June 1,900 3 month 15th August was a public holiday. However, 6th September, was also declared a sudden holiday. Calculate the average due date, when the payment can be received or made without any loss of interest to either party. (c) Suresh draws a bill for 15,000 on Anup on 15th April, 2020 for 3 months, which Anup returns to Suresh after accepting the same. Suresh gets it discounted with the bank for 14,700 on 18th April, 2020 and remits one-third amount to Anup. On the due date Suresh fails to remit the amount due to Anup, but he accepts a bill of 17,500 for 3 months, which Anup discounts for 17,100 and remits 2,825 to Suresh. Before the maturity of the renewed bill Suresh becomes insolvent and only 50% was realized from his estate on 31st October, 2020. Pass necessary Journal entries for the above transactions in the books of Suresh. P.T.O Marks 10 Maya consigned 400 boxes of shaving brushes, each box containing 100 shaving brushes. Cost price of each box was 3,000. Maya spent 500 per box as cartage, freight, insurance and forwarding charges. One box was lost on the way and Maya lodged claim with insurance company and could get 2,700 as claim on average basis. Consignee took delivery of the rest of the boxes and spent 1,99,500 as non- recurring expenses and 1,12,500 as recurring expenses. He sold 370 boxes at the rate of 65 per shaving brush. He was entitled to 2% commission on sales plus 1% del-credere commission. You are required to prepare Consignment Account. (b) Attempt any ONE of the following two sub-parts i.e. either (i) or (ii). (i) From the following particulars prepare a account current, as sent by Mr. Raju to Mr. Sunil as on 31st October 2020 by means of product method charging interest @ 12% p.a. Particulars 2020 1st July 15th August 20th August 22nd September 15th October Balance due from Sunil Sold goods to Sunil Goods returned by Sunil Sunil paid by cheque Received cash from Sunil FYZ The Institute of Chartered Accountants of India Bills Receivable (6) FYZ Amount OR (ii) Rakesh had the following bills receivable and bills payable against Mukesh. Date Tenure Date 840 1,310 240 830 560 Bills Tenure Payable 2,500 2 month 3,400 3 month 5,700 1 month 1st June 3,400 3 month 29th May 5th June 3 month 3rd June 2,900 5,800 9th June 1 month 9th June 12th June 1,700 2 month 20th June 1,900 3 month 15th August was a public holiday. However, 6th September, was also declared a sudden holiday. Calculate the average due date, when the payment can be received or made without any loss of interest to either party. (c) Suresh draws a bill for 15,000 on Anup on 15th April, 2020 for 3 months, which Anup returns to Suresh after accepting the same. Suresh gets it discounted with the bank for 14,700 on 18th April, 2020 and remits one-third amount to Anup. On the due date Suresh fails to remit the amount due to Anup, but he accepts a bill of 17,500 for 3 months, which Anup discounts for 17,100 and remits 2,825 to Suresh. Before the maturity of the renewed bill Suresh becomes insolvent and only 50% was realized from his estate on 31st October, 2020. Pass necessary Journal entries for the above transactions in the books of Suresh. P.T.O Marks 10