L-89 Consignment Part 3 - Normal & Abnormal Loss with Problem | CA Foundation | B.Com

Описание: Hello Friends! In this video we have discussed the concept of Normal Loss and Abnormal Loss in Consignment Accounting for CA foundation.

Points covered in this video:

Normal Loss in Consignment : 00:00

Abnormal Loss in Consignment: 13:14

Illustration for Practice: 27:16

The Swastik Oil Mills, Mumbai consigned 5,000 kg. of castor oil to Dass of Kolkata on 1st January, 2012. The cost of the oil was Rs 460 per kg. The Swastik Oil Mills paid Rs 2,00,000
for packing, freight and insurance. During transit 125 kg. were accidentally destroyed for
which the insurers paid, directly to the consignors, Rs 45,000 in full settlement of the claim.
Dass took delivery of the consignment on the 10th January. On 31st March, 2012 Dass
reported that 3,750 kg. were sold at Rs 600, the expenses being on godown rent Rs 30,000,
on advertisement Rs 40,000 and on salesmen’s salaries Rs 64,000. Dass is entitled to a
commission of 3 per cent plus 1½ per cent del credere. A party which had bought 500 kg. was
able to pay only 80% of the amount due from it.
Dass reported a loss of 50 kg, due to leakage. Assuming that Dass paid the amount due by
bank draft, show the accounts in the books of both the parties. Books of accounts are closed
by the parties on 31st March

This is also relevant for ISC and B.Com

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