Oil India Ltd of Bombay consigned 1,000 barrels of Lubricant oil costing Rs.800 per barrel to Central Oil Company, Calcutta, on 1st Jan 2017. Oil India Ltd paid Rs. 50,000 as freight and insurance. 25 barrels were destroyed on 7.1.2017 in transit. The insurance claim was settled at Rs.15,000 and was paid directly to the consignor. Central Oil Co took delivery of the consignment on 19th Jan 2017 and accepted a bill drawn upon them by Oil India Ltd for Rs.5,00,000 for 3 months on 31st March, 2017. Central Oil Co reported as follows:

(i) 750 barrels were sold at Rs.1,200 per barrel.

(ii) Other expenses: unloading Rs. 2,500; wages of salesman Rs.50,000; printing Rs. 21,300;

and godown rent Rs. 10,000.

(iii) 25 barrels of oil were lost due to leakage which is considered to be a normal loss.

Central Oil Co is entitled to a commission of 5% on all the sales effected by them. Central Oil Co paid the amount due in respect of the consignment on 31st March itself.

Show the Consignment Account, the account of Central Oil Co. and the loss in transit account as they will appear in the books of Oil India Ltd.

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