930 Date Particulars Date Particulars To Goods Sent on Consignment Alc 3,75,000 By Kole A/c (Sales) 3,67,500 To Cash Alc: By Abnormal Loss A/c (Note 1) 19,300 Freight 6,000 By Stock on Consignment A/c (Note 2) 96,947 Carriage 3.000 Loading Charges 2,000 To Kole Alc: Commission @ 10% 36,750 Packing and Selling Expenses 1,200 Storage Expenses 3,400 Clearing Charges 1,700 To Profit and Loss on Consignment Alc 54,697 4,83,747 4,83,747 Working Notes: (1) Valuation of Abnormal Loss (2) Valuation of Closing Stock Cost of 2,500 cases @ 150 per case 3,75,000 Cost of 2,500 cases @ 150 per case 3,86,000 Add: Non recurring expenses Less: Value of 125 cases lost-in-transit 19,300 Freight 6,000 Cost of 2,375 cases 3,66,700 Carriage 3,000 Add: Clearing charges 1,700 Loading Charges 2,000 Total Cost of 2,375 cases 3.68.400 Cost of 2,500 cases just before lost-in-transit 3,86,000 Value of 625 unsold cases = 33,68,400 / 2,375 x 625 96.947 Therefore, value of 150 cases = 3,86,000/2,500 x 125 19,300 Illustration 19 A & Co. consigned 100 bicycles costing ? 1,500 each to its agent B & Co. of Jaipur. A & Co. incurred the following expenses : Freight 8,000 Insurance 6,000 Coolie & Cartage 4,000 On the way 5 bicycles were damaged due to bad handling and insurance company admitted a claim of 7,000. Consignee took delivery of the rest and incurred the following expenses : Clearing charges 1.200 Carrying charges 800 Godown rent 1,400 Selling expenses 1,600 The consignee sold 80 bicycles at 2,100 each. He is entitled to a commission of 5% on Sales. Prepare Consignment Account in the books of Consignor