12. Punjab Cycle Co. of Ludhiana consigned 100 bicycles to Kanpur Cycle Co. of Kanpur costing 1,500 each, invoiced at 2,000 each. The consignor paid freight 10,000 and insurance in transit 1,500. During transit, 10 bicycles were totally damaged. Kanpur Cycle Co. took delivery of the remaining bicycles and paid 1,530 for octroi duty. Kanpur Cycles Co. sent a bank draft to Punjab Cycle Co. for *50,000 as advance and later on sent an account sales showing that 80 bicycles had been sold@ 2,200 each. Expenses incurred by Kanpur Cycle Co. on godown rent were is entitled to a commission of 5% on invoice price and 25% on any surplus of sale price over invoice price. Insurance claim was settled at 14,000. 2,000. Kanpur Cycle Co of Accounting Prepare consignment account, consignee's account and accidental loss account in the books of the consignor. (Answer: Profit 31,440; Accidental loss transferred to P. & L. a/c 2,150) clear valu proc sale Prep (Ar stoc 17. Sri Sri