Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

my subject is advance accounting Q.No.1. (Marks 4) M/S Naeem Motors sent 1000 cars to Haseeb on consignment. The cost of each car was (Rs.

image text in transcribed

my subject is advance accounting

image text in transcribed
Q.No.1. (Marks 4) M/S Naeem Motors sent 1000 cars to Haseeb on consignment. The cost of each car was (Rs. 4161) 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

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

Recommended Textbook for

Data Analytics for Accounting

Authors: Vernon Richardson

1st edition

1260375196, 9781260375183 , 978-1260375190

More Books

Students also viewed these Accounting questions