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    2nd Year

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    redapple450413
    Nawaz Sugar Mills consigned 200 bags of sugar to their agent Mr. Arshad. Each bag cost Rs. 300. They paid Rs. 1000 for freight and insurance. 2 bags were damaged during transit. Mr. Arshad sold the remaining 140 bags at Rs. 350 each. He incurred expenses of Rs. 1400 for insurance, Rs. 1800 for clearing charges, and Rs. 600 for carriage. Mr. Arshad is entitled to a 10% commission on sales and will remit the balance by bank draft.

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    2nd Year

    Uploaded by

    redapple450413
    45 views1 page
    Nawaz Sugar Mills consigned 200 bags of sugar to their agent Mr. Arshad. Each bag cost Rs. 300. They paid Rs. 1000 for freight and insurance. 2 bags were damaged during transit. Mr. Arshad sold the remaining 140 bags at Rs. 350 each. He incurred expenses of Rs. 1400 for insurance, Rs. 1800 for clearing charges, and Rs. 600 for carriage. Mr. Arshad is entitled to a 10% commission on sales and will remit the balance by bank draft.

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    2nd year

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    Nawaz Sugar Mills consigned 200 bags of sugar to their agent Mr. Arshad. Each bag cost Rs. 300. They paid Rs. 1000 for freight and insurance. 2 bags were damaged during transit. Mr. Arshad sold the remaining 140 bags at Rs. 350 each. He incurred expenses of Rs. 1400 for insurance, Rs. 1800 for clearing charges, and Rs. 600 for carriage. Mr. Arshad is entitled to a 10% commission on sales and will remit the balance by bank draft.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    45 views1 page

    2nd Year

    Uploaded by

    redapple450413
    Nawaz Sugar Mills consigned 200 bags of sugar to their agent Mr. Arshad. Each bag cost Rs. 300. They paid Rs. 1000 for freight and insurance. 2 bags were damaged during transit. Mr. Arshad sold the remaining 140 bags at Rs. 350 each. He incurred expenses of Rs. 1400 for insurance, Rs. 1800 for clearing charges, and Rs. 600 for carriage. Mr. Arshad is entitled to a 10% commission on sales and will remit the balance by bank draft.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    of 1

    Time Academy

    Test: Principle of Accounting (I.com part 2)


    Time allowed: 30minutes Total marks: 20

    Nawaz Sugar Mills Ltd. Gujrat consigned 200 bags of sugar to their agent Mr. Arshad at
    Peshwar. Each bag costing Rs.300. They paid Rs.1000 towards freight & insurance. During
    transit 2 bags were completely damaged and Mr. Arshad took the delivery of remaing
    consignment and immediately accepted a bill drawn him for Rs.20000 for two months. After two
    months, he reported that:
    (a) 140 bags were sold @ Rs.350.
    (b) He had incurred the following expenses; Insurance Rs.1400, clearing charges Rs.1800m
    carriage outwards Rs.600.
    He is entitled to a commission of 10 % on sales. Assuming that Mr. Arshad remits the balance by
    a bank draft. Pass the journal entries and make necessary ledger account in the book of consignor.

    Time Academy
    Test: Principle of Accounting (I.com part 2)
    Time allowed: 30minutes Total marks: 20

    Nawaz Sugar Mills Ltd. Gujrat consigned 200 bags of sugar to their agent Mr. Arshad at
    Peshwar. Each bag costing Rs.300. They paid Rs.1000 towards freight & insurance. During
    transit 2 bags were completely damaged and Mr. Arshad took the delivery of remaing
    consignment and immediately accepted a bill drawn him for Rs.20000 for two months. After two
    months, he reported that:
    (c) 140 bags were sold @ Rs.350.
    (d) He had incurred the following expenses; Insurance Rs.1400, clearing charges Rs.1800m
    carriage outwards Rs.600.
    He is entitled to a commission of 10 % on sales. Assuming that Mr. Arshad remits the balance by
    a bank draft. Pass the journal entries and make necessary ledger account in the book of consignor.

    Time Academy
    Test: Principle of Accounting (I.com part 2)
    Time allowed: 30minutes Total marks: 20

    Nawaz Sugar Mills Ltd. Gujrat consigned 200 bags of sugar to their agent Mr. Arshad at
    Peshwar. Each bag costing Rs.300. They paid Rs.1000 towards freight & insurance. During
    transit 2 bags were completely damaged and Mr. Arshad took the delivery of remaing
    consignment and immediately accepted a bill drawn him for Rs.20000 for two months. After two
    months, he reported that:
    (e) 140 bags were sold @ Rs.350.
    (f) He had incurred the following expenses; Insurance Rs.1400, clearing charges Rs.1800m
    carriage outwards Rs.600.
    He is entitled to a commission of 10 % on sales. Assuming that Mr. Arshad remits the balance by
    a bank draft. Pass the journal entries and make necessary ledger account in the book of consignor.

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