In the books of consignor, the expenses incurred by consignee should be debited to

Related MCQs

• L of Lucknow consigned goods costing ` 60,000 to A of Allahabad at an invoice price bearing 331/3 % mark up on the cost price. Goods costing ` 15,000 were damaged in the transit and the insurance company admitted the claim in full. Expenses incurred by the consignor on loading and transportation of the goods amounted to ` 1,800. The consignee incurred ` 200 on cartage and ` 6,000 as Godown Rent and sold 2/3 of the goods received by him at the invoice price. He is entitled to 5% normal commission and 2.5% del credere commission. Find the value of goods sold
• Which of the following commission is allowed by the consignor to the consignee to encourage the consignee for putting-up hard work in introducing new product in the market?
• In the books of consignee the expenses incurred by him on consignment are debite
• Consignee becomes a debtor of the consignor when
• The relationship between the consignor and the consignee is that of
• The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ________.
• Goods sent on consignment should be debited by consignor to:
• Goods sent on consignment should be debited by consignor to:
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• ` 5,500 incurred on sundry expenses inadvertently recorded in the books of account as ` 550. This is an example of —