Raj of Gwalior consigned 15,000 kgs of Ghee at 30 per kg to his 10 agent...
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Raj of Gwalior consigned 15,000 kgs of Ghee at 30 per kg to his 10 agent Siraj at Delhi. He spent 5 per kg as freight and insurance for sending the Ghee at Delhi. On the way 100 kgs. of Ghee was lost due to the leakage (which is to be treated as normal loss) and 400 kgs. of Ghee was destroyed in transit. 9,000 was paid to consignor directly by the Insurance company as Insurance claim. Siraj sold 7,500 kgs. at 60 per kg. He spent 33,000 on advertisement and recurring expenses. You are required to calculate : (i) The amount of abnormal loss. (ii) Value of stock at the end and (iii) Prepare Consignment account showing profit or loss on consignment, if Siraj is entitled to 5% commission on sales. (b) Prepare a bank reconciliation statement from the following particulars as on 31st March, 2018. HO Particulars Debit balance as per bank column of the cash book Cheque issued to creditors but not yet presented to the Bank for payment Dividend received by the bank but not entered in the Cash book Interest allowed by the Bank Cheques deposited into bank for collection but not. collected by bank up to this date Bank charges not entered in Cash Book A cheque deposited into bank was dishonored, but no intimation received Bank paid house tax on our behalf, but no intimation received from bank in this connection 18,60,000 3,60,000 2,50,000 6,250 7,70,000 1,000 1,60,000 1,75,000 10 Raj of Gwalior consigned 15,000 kgs of Ghee at 30 per kg to his 10 agent Siraj at Delhi. He spent 5 per kg as freight and insurance for sending the Ghee at Delhi. On the way 100 kgs. of Ghee was lost due to the leakage (which is to be treated as normal loss) and 400 kgs. of Ghee was destroyed in transit. 9,000 was paid to consignor directly by the Insurance company as Insurance claim. Siraj sold 7,500 kgs. at 60 per kg. He spent 33,000 on advertisement and recurring expenses. You are required to calculate : (i) The amount of abnormal loss. (ii) Value of stock at the end and (iii) Prepare Consignment account showing profit or loss on consignment, if Siraj is entitled to 5% commission on sales. (b) Prepare a bank reconciliation statement from the following particulars as on 31st March, 2018. HO Particulars Debit balance as per bank column of the cash book Cheque issued to creditors but not yet presented to the Bank for payment Dividend received by the bank but not entered in the Cash book Interest allowed by the Bank Cheques deposited into bank for collection but not. collected by bank up to this date Bank charges not entered in Cash Book A cheque deposited into bank was dishonored, but no intimation received Bank paid house tax on our behalf, but no intimation received from bank in this connection 18,60,000 3,60,000 2,50,000 6,250 7,70,000 1,000 1,60,000 1,75,000 10
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Related Book For
Principles of Information Systems
ISBN: 978-0324665284
9th edition
Authors: Ralph M. Stair, George W. Reynolds
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