X, whose accounting year ends on 31st May each year, consigned 100 cases of medicine costing ~ 3,000 each to Y of Madras on 1.4.2015. he paid ~ 5,000 towards freight and insurance. 15 cases were damaged in transit and on 30.5.2015, the consignor received ~ 10,000 on account of the damaged cases from the insurance company. Y took delivery of the goods on 10.4.2015 and immediately accepted a bill drawn on him for ~ 2,00,000 for 60 days.
On 30.5.2015, the consignee reported that : (i) 75 cases were sold at ~ 4,500 per case; and (ii) he incurred the following expenses : Godown rent ~ 4,000; Clearing charges ~ 8,500; Carriage outwards ~ 3,000. He is entitled to a commission of 10% on the sale proceeds.
Assuming that Y remits the balance by bank draft on 30.5.2015, show the Ledger Accounts in the books of X and the personal account of X in the books of Y.