Question
Mahmud of Khulna sent 100 kgs suger to Mehrab of Dhaka to be sold on consignment basis on 1st January, 2014. The cost of each
Mahmud of Khulna sent 100 kgs suger to Mehrab of Dhaka to be sold on consignment basis on 1st January, 2014. The cost of each kg of suger was Tk. 120. Mahmud incurred Tk.1,500 for freight and Tk. 2,500 for insurance premium. On 31st December, 2014, Mahmud received on account sales from Mehrab, which showed that he sold 80 kgs suger @Tk. 130 per kg and deducting his commission and expenses, he sent the balance amount by a draft with the Account Sales. According to contract, Mehrab is entitled to get commission @5% of the sales. Show necessary Journal and Ledger Accounts in the books of Consignor.
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