AID15348: Exe sent on 1st July, 2011 to Wye goods costing Rs.50,000 and spent Rs.1,000 on packing etc. On 3rd July, 2011, Wye received the goods and sent his acceptance to Exe for Rs.30,000 payable at contd.

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Q: Exe sent on 1st July, 2011 to Wye goods costing Rs.50,000 and spent Rs.1,000 on packing etc. On 3rd July, 2011, Wye received the goods and sent his acceptance to Exe for Rs.30,000 payable at 3 months. Wye spent Rs.2,000 on freight and cartage, Rs.500 on godown rent and Rs.300 on insurance. On 31st December, 2011 he sent his Account Sales (along with the amount due to Exe) showing that 4/5 of the goods had been sold for Rs.55,000. Wye is entitled to a commission of 10%. One of the customers turned insolvent and could not pay Rs.600 due from him. Show the necessary journal entries.

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4th Semester NMIMS Assignment Solution June 20