q33 Dr. Jan 31 Bank Alc Dr. 47.500 Discount on Bills Alc Dr. 2.500 To Bills Receivable Alc 50,000 (Being bills receivable of B discounted @ 12% pa. for 5 months) Mar 31 BAC Dr. 80,000 To Consignment to B AC 80,000 (Being sale of 300 bales of cotton as per Account Sales) Consignment to B Alc Dr. 13,000 To B AC 13,000 Being expenses incurred by B35,000 and commission payable to him 28,000 as per Account Sales) Bank Alc Dr. 17.000 To B AC 17,000 (Being the amount received from Bin settlement of sales to date after adjusting bil receivable expenses and commission) May 31 B Alc 30,000 To Consignment to B Alc 30,000 (Being sale of remaining goods as per Account Sales) Consignment Alc (see note) Dr. 10,000 To B Alc(4000 + 6000) 10,000 (Being expenses and commission payable to B) Bank Alc Dr. To B Alc 20.000 20,000 (Being the amount received from Bin ful settlement) Consignment to B AC 32,000 To Profit & Loss on Consignment Alc 32,000 (Being the profit on consignment transferred) June 30 BAC Dr. 50,200 To Bank Alc 50,200 (Being the bill accepted by B dishonoured and incidental charges + 200 paid) Note: Total sales 30,000 and expenses? 4.000. So net proceeds = R30.000 - 4,000) = 26,000, but the amount sent by Bis *20,000. The balance of 6,000 should be treated as commission. Illustration 28 Sri Mehta of Bombay consigns 1,000 cases of goods costing * 100 each to Sri Sundaram of Madras. Sri Mehta pays the following expenses in connection with the consignment: carriage * 1,000; freight 3,000; and loading charges * 1,000. Sri Sundaram sells 700 cases at