Assignment

Q. No. 1 Imtiaz consigned to Irshad for Rs. 40000. He paid sundry expenses Rs. 2000.
Irshad spent Rs. 5000 on godown rent. Irshad sold the whole consignment for Rs. 60000. Irshad
is entitled 10% commission on sales. A cheque for the balance was sent by Irshad.
Pass journal entries in the books of Imtiaz and prepare necessary accounts.

Q. No. 2 Musa consigned 20 radios to Arif costing Rs. 100 each, and paid freight Rs. 100.
Consignee spent Rs. 200 on insurance. Arif sold all radio at Rs. 125 each. Consignee settled the
account after deducting 10% commission on sale.
Pass Journal entries in the books of consignor and make consignment account.

Q. No. 3 saleem consigned 200 radio sets to Bashir @ Rs. 500 per set. He paid cartage Rs. 4000.
Bashir paid Rs. 1000 as duty and Rs. 2000 as godown rent. Bashir is entitled to receive a
commission of 5% on sales. Bashir sold all radio sets for Rs. 150000. Bashir sent a bank draft for
the balance alongwith account sales.
Give Journal entries in the books of saleem and prepare Consignment Account and Bashirs
account with him.

Q. No. 4 Mr. Irfan sends goods to Ahmed for Rs. 75000 to be sold on consignment basis. He
paid for carriage Rs. 3000. All goods sold by consignee Rs. 100000. HE paid expenses on sales
Rs. 500. He entitled to a 8% commission on sales.
Prepare necessary entries in the books of consignor and make consignment account.

Q. No. 5 Mujtaba sends 100 toys to Behzad to be sold on consignment basis. Mujtaba spends Rs.
300 on packing etc. The cost of each toy is Rs. 150. Behzad sends a bank draft as advance to
Mujtaba for Rs. 10000. He spends Rs. 800 on freight, Rs. 200 on sales man salary and Rs. 150 as
rent and insurance.
Behzad sells 80 toys at Rs. 200 each. He is entitled to a commission of 10% on sales. He settles
his account. Show the consignment account and Behzads account in the books of Mujtaba.

Q. No. 6 On 1st January 1990 Mahmood and Company, Lahore consigned to Chand and
company of Karachi 250 gramophones invoiced at Rs. 75 each. Mahmood and company paid
packing etc. Rs. 100, insurance Rs. 50 and carriage Rs. 300. On 1st March Chand and Company
sold 225 gramophones of Rs. 18200, the expenses thereon being Rs. 530. Their commission was
5% and 2.5% del-credere on sales. They remitted Rs. 1500 on account.
Enter the above transactions in the consignors books and ledger accounts.
Q. No. 7 On 21st January Kamal and Co. forwarded to Naseem and Co. on consigned 25 cases of
tea at Rs. 5000 per case, paying Rs. 1500 for freight. On 18th March Kamal and Co. received an
account sales dated 20th February showing that all the cases had been sold for a sum of Rs.
200000 and that the following expenses had been incurred in this regard. Carriage Rs. 2000,
storage Rs. 2000 and delivery charges Rs. 1000. The consignee is entitled to a commission of 5%
and 2% for del-credere commissions.
Req. Pass Journal entries and prepare necessary accounts in the books of Kamal and Co.