OR Dr. (cost price) Dr. Dr. Dr. (invoice price) Dr. (invoice price) 939 Dr. (invoice price) To Goods Sent on Consignment No OR (b) Consignee Alc Dr. (cost price) (b) Consignment Ac To Goods Sent on Consignment Alc To Consignee Ac (2) For Goods sold by consignee (2) For Goods sold by consignee Bank A/C Dr. Consignee Alc To Consignee Alc To Consignment Alc (3) For closing stock (3) For closing stock NII Stock on Consignment Alc To Consignment Alc When goods were sent at invoice price Entries already passed Correcting Entries (1) For Goods sent (1) For Goods sent (a) Consignee Alc Dr. (invoice price) (a) Sales Alc To Sales Alc To Consignee Alc (b) Consignment Alc To Goods Sent on Consignment Alc OR OR (b) Consignee Alc Dr. (invoice price) (b) Consignment Ac To Goods Sent on Consignment Alc To Consignee Alc (2) For Goods sold by consignee (2) For Goods sold by consignee Bank A/C Dr. (sales value) Consignee Alc To Consignee Alc To Consignment Alc (3) For closing stock (3) For closing stock Stock on Consignment Alc To Consignment Alc (4) For Loading on Goods sent Goods Sent on Consignment Alc To Consignment Alc (5) For Loading on Unsold goods Consignment Alc To Stock Reserve Illustration 46 In the Sales Ledger of XY Goods Co, the following account appears: Dr. Ram Date Particulars Date Particulars 2017 To Goods 12,000 2017 July 5 By Cash May 10 To Expenses 720 July 31 By Balance old 12,720 Dr. (sales value) Nil Dr. (invoice price) Dr. Dr. Cr. 5,000 7.720 12.720 Upon enquiry you find that the debit to Ram of 12,000 represented goods costing 10,000 delivered to him on the understanding that he will try to sell them in his own make, or otherwise return them. For this he is to be allowed a commission of 10 per cent on all sales effected, out of which he is to defray the expenses that he may incur. On 31st July, 2017 when XY Goods Co make up their annual accounts, it is learnt that Ram has sold half the goods at the prices at which they were invoiced to him but is doubtful about his ability to sell the remaining. He, therefore, proposes to offer his customers a special trade discount of 20 per cent and to waive any further sales commission. To this, XY Goods Co agreed and took this information into account when closing their books. You are required: (a) to show the necessary corrective entries in the firm's joumal; (b) to set out the account of Ram as it will appear when the Joumal entries have been posted; and (c) to state clearly the resultant profit or loss on the matter