Hamish Powertools Ltd sells goods on consignment to its agent in Hong Kong, Kai Inc. The following
Question:
Hamish Powertools Ltd sells goods on consignment to its agent in Hong Kong, Kai Inc. The following transactions occurred.
Prepare the ledger accounts required to record these transactions in the books of: Hamish Powertools Ltd; and Kai Inc, Hong Kong.
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2015 Jan 5 Hamish Powertools Ltd sent 16 containers to Kai Inc. The pro-forma invoice showed the goods cost $1 300 per container. Hamish Powertools Ltd paid shipping charges $200 per container, insurance $3 400 and customs duties $1 750 by cheque. 5 Feb Kai Inc sent Hamish Powertools Ltd an account sales that showed all the goods on consignment had been sold for $44 000. Kai Inc had paid landing fees of $1 900 and storage costs of $2 100. Kai Inc charged commission of 6% and del credere commission of 2% on gross sales proceeds. 11 Feb 13 Hamish Powertools Ltd received the amount due from Kai Inc. LO
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Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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