25 August 2021
Mr Basak of Kolkata sent on consignment to Mr Alok of Delhi 500 cases @ £1,250 on 1st July 2019 to be sold on his account and at his risk for 10% commission. Mr Basak incurred £ 30,000 expenses on dispatching the goods to Alok. On July 10, 2019 Mr Basak received a bill for £ 200,000 at 2 months from Alok. On September 30, 2019 Alok sent on account sales disclosing that 300 cases have been sold for £1,600/- each and the remaining cases @ £1,500/- each. The account sales also disclose that Alok has incurred unloading expenses £ 6,000 and selling expenses £ 9,000. He sends a draft for the net amount due. You are required to enter the transactions in the books of Mr Basak (Consignor).
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