Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr. Kareem of Dubai consigned to Mr. Abdalla of Abu Dhabi on 1 June, 2016, 200 sports cycle @ 1,500 per cycle at cost. Abdalla

Mr. Kareem of Dubai consigned to Mr. Abdalla of Abu Dhabi on 1 June, 2016, 200 sports cycle @

1,500 per cycle at cost. Abdalla accepted of * 1,00,000 B/R on 3rd June 2016. Kareem discounted it

from bank at " 90,000 and paid * 3,000 wages, 2,000 railway freight and 1,000 packing expenses.

Abdalla paid* 1,000 for unloading, * 500 tax and * 2,000 go down rent. Abdalla received 5% general

commission and 2% Delcredere commission. Abdalla sold 100 cycles for cash at 1800 per cycle and

50 cycles on credit @ 2000 per cycle. Abdalla sent account of sale and after deducting expenses

and commission on 30 June, 2016.

Prepare a Consignment Account (All the values are in AED).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions