On 1st January, 2015 Menon sent goods to Gupta to be sold on consignment basis @ 5% commission. Goods costing ~ 6,00,000 were sent and ~ 50,000 expenses were incurred. Gupta has to incur ~ 20,000 expenses for landing and 75% of the goods were sold out for ~ 7,00,000. Gupta sent the amount due […]

On 1st January, 2015, Singh of Amritsar, a manufacturer of sports goods, sent a consignment of 100 cricket bats to Bose of Calcutta to be sold on a consignment basis at a commission of 20%. The commission is to cover the consignee’s expenses but not the freight charges of the goods to Calcutta. The cost

(a) What do you understand by a joint venture? (b) State its main features. Distinguish between Joint venture and consignment. Explain how joint venture accounts are kept when a complete set of double-entry books is separately maintained for this purpose. (a) What is a joint bank account? (b) How are entries regarding joint venture passed

(a) What do you understand by a joint venture? (b) State its main features. Distinguish between Joint venture and consignment. Explain how joint venture accounts are kept when a complete set of double-entry books is separately maintained for this purpose. (a) What is a joint bank account? (b) How are entries regarding joint venture passed

A memorandum joint venture summarises – A assets and liabilities B expenses and incomes C receipts and payments D all transactions Recording of transactions in a separate set of book is made A. when the size of the business is small B. when double entry system cannot be followed C. for better financial control D.

To make final settlement in a joint venture : A. joint bank account is closed first B. joint bank account and venturers’ accounts are closed C. joint venture is closed last D. joint venture account is closed first and the remaining account are closed simultaneously For determining profit / loss of the joint venture –

A sells goods for ~ 10,000 to B on 1st January, 2015 and on the same day draws a bill on B at three months for the amount. The bill is dishonoured on the due date, the noting charges paid being ~ 25. B then accepts a fresh bill for ~ 6,000 at three months

On 1st January, 2015, Kuntal sold goods to Subhra valuing ~ 6,000. On 4th January, 2015 Kuntal received from Subhra ~ 2,000 and drew a bill receivable 3 months after date for the balance. On the same date, Kuntal endorsed the accepted bill to Aparna for full settlement of a debt of ~ 4,050. On

On 12.2.2015, X sold goods worth ~ 6,000 to Y. On 15.2.2015, X drew three bills of exchange worth ~ 3,000, ~ 2,000 and ~ 1,000 payable after three months, two months and one month, respectively. Y accepted all the bills and returned to X immediately. X discounted the first bill on 18.3.2015 @ 10%

A sells goods to B for ~ 1,000 and draws a bill on him for the same amount for 3 months. Before the due date, B requests A to cancel the bill, to accept ~ 300 as part payment and to draw a fresh bill on him for ~ 720 for a further period of