Business, 26.01.2022 22:20 keishlav5183

B, whose accounting year-ends on 31st May 2019 consigned 200 bags of sugar, each costing Sh300 to A of Nairobi on 1 April 2019. He paid Sh1,000 towards freight and insurance, 30 bags were damaged in transit; and on 31st May 2019, the consignor received Sh2,000 on account of the damaged bags from the insurance company. A took delivery of the goods on 10th April 2019 and immediately accepted a bill drawn on him for Sh40,000 for 60 days. On 31st May 2019 the consignee reported that: 140 bags were sold at Sh350 per bag; The damaged bags were sold at Sh110 per bag; and He had incurred the following expenses: Godown rent Sh1,400 Clearing charges Sh1,700 Carriage outwards Sh600 He is entitled to a commission of 10% on the sales proceeds of all goods sold. If A remits the balance due by bank draft on 31st May 2019, prepare the ledger accounts in the books of B. Assume that no portion of expenses incurred by the consignee are attributable to damaged bags.

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B, whose accounting year-ends on 31st May 2019 consigned 200 bags of sugar, each costing Sh300 to A...

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