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92,000 ?shirts were consigned by Bhagwan & Co. ?of Delhi to Shreyans of Tokyo at...

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Accounting

92,000 ?shirts were consigned by Bhagwan & Co. ?of Delhi to Shreyans of Tokyo at a cost of ' 150 ?each.

Bhagwan & Co. ?paid freight ' 20,000 ?and insurance ` 3,000 .

During the transit 200 ?shirts were totally damaged by fire Shreyans took delivery of the remaining shirts

and paid 28,800 ?as custom duty.

Shreyans had sent a bank draft to Bhagwan & Co. ?for `1,00,000 ?as advance payment.1,600 ?shirts were

sold by him at ` 200 ?each Expenses incurred by Shreyans on godown rent and advertisement, etc.

amounted to 4,000 . ?He is entitled to a commission of 5 ?percent.

One of the customers to whom the goods were sold on credit could not pay the cost of 10 ?shirts.

Prepare the consignment account and the account of Shreyans in the books of Bhagwan & Co.

Shreyans settled his account immediately. Nothing was received from insurer for damaged goods.

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