M/S Naeem Motors sent 1000 cars to Haseeb on consignment. The cost of each car was (Rs. 4218 but was invoiced to Haseeb at cost plus 25%. The expenses of M/S Naeem Motors were:

Freight Rs. 7,000; Insurance Rs. 3,000

During transit one car was destroy and the insurance company admitted Rs. 9,000 towards that

Claim. Haseeb sold 70 cars at Rs. 15,000 each and paid for storage and insurance Rs. 3,400. Haseeb then accepted bill for Rs. 90,000 at 3 months drawn by M/S Naeem Motors which they discounted immediately with their banker at 6% p.a. It was agreed that Haseeb is to get 5% commission. Pass Journal entries in the book of consignor and consignee and make necessary accounts in both books.