On 1 October, Richard Bell sent goods to their agent, P Gold with a pro forma...

 

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On 1 October, Richard Bell sent goods to their agent, P Gold with a pro forma invoice showing the cost of the goods was PS000, and freight P600, and insurance P180 had been paid on this consignment. On 28 October, P Gold sent an account sales showing that a portion of the goods had realised P4600 deducting expenses P100 and his commission of P250. He remitted the amount due at this point. The remaining stock was valued at P2800. On 2 November, P Gold sent another account sales which showed that the balance of the consignment had realised P3200, deducting expenses P80 and commission P100. He remitted the balance. Required a) Record the transactions in the books of Richard Bell b) Record the transactions in the books of P Gold when entries were made on receipt of the goods On 1 October, Richard Bell sent goods to their agent, P Gold with a pro forma invoice showing the cost of the goods was PS000, and freight P600, and insurance P180 had been paid on this consignment. On 28 October, P Gold sent an account sales showing that a portion of the goods had realised P4600 deducting expenses P100 and his commission of P250. He remitted the amount due at this point. The remaining stock was valued at P2800. On 2 November, P Gold sent another account sales which showed that the balance of the consignment had realised P3200, deducting expenses P80 and commission P100. He remitted the balance. Required a) Record the transactions in the books of Richard Bell b) Record the transactions in the books of P Gold when entries were made on receipt of the goods

Answer rating: 100% (QA)

1Answer Accounting Entries in the books of Richard Bell ie Consignor Consignment to Pgold AC Dr 5000 ... View the full answer