Date Date Date q32 Particulars Particulars To Consignment to Bombay Alc 17.500 By Consignment to Bombay Alc 1.425 By Balance old 16,075 17,500 17,500 Dr. Goods Sent on Consignment Account Cr. Date Particulars Date Particulars To Trading Alc (transfer) 29.675 By Consignment to Bombay Alc 29,675 Dr. Abnormal Loss Account Cr. Particulars Date Particulars To Consignment to Bombay Alc 7,842 By Bank Alc (claim) 5,000 By Profit & Loss Alc 2,842 7.842 7.842 Tutorial Note: : To repair the damaged stock, an expense of 700 will be incurred. Therefore, we would make a provision of that amount by debiting Consignment Account and crediting Provision for Repairs Account'-applying the concept of conservatism, anticipate no profit but provide for all possible losses." In the Balance Sheet, the stock will appear as: Stock on Consignment 37,842 Less: Provision for Repairs 700 37.142 When the actual expenses will be incurred, we will pass the following entry: Provision for Repairs Account Dr. 700 To Cash Account 700 Illustration 26 Star Mills Ltd. Surat, sends regular consignments of yarn to X who is the selling agent of the Mill and is entitled to a commission of 10 paise per kg of yarn sold. This includes del credere commission. The following further information is furnished to you: On 1st July, 2016, stock of yarn with the agent 20,000 kg costing 50,000. During the year ended 30th June, 2017: Total quantity of yarn consigned 1,60,000 kg, at 3 per kg Total quantity of yarn sold 1,50,000 kg at 3.75 per kg including the opening stock of 20,000 kg. Total remittances by the agent 5,10,000. Railway freight paid by the agent 340,000. Of the sales made, X could not collect ? 11,000 due to the insolvency of the customer. 5,000 kg of yarn were damaged in transit by the railway for which the agent recovered 6,000. The damaged goods were sold at the rate of 1.50 per kg. Show the following Ledger Accounts in the books of Star Mills Ltd for the year ended 30th June, 2017: (a) Consignment Account; (b) Goods Damaged in Transit Account; and (c) X Account