Consignee’s Account And Trading, Profit And Loss Account - SS3 Accounting Past Questions and Answers - page 1
Question:
The following transactions were derived from the books of FLOW ENERGY the month of September 2022. You are required to prepare in tabular form:
-
Consignee’s account
-
trading, profit and loss account
Transactions for ABC TECH in September 2022
|
Date |
Transaction |
Amount (₦) |
|
09/01/2022 |
Sold goods on consignment to Consignee |
200,000 |
|
09/05/2022 |
Consignee paid for the goods sold |
100,000 |
|
09/07/2022 |
Additional goods sent to Consignee on consignment |
150,000 |
|
09/10/2022 |
Consignee paid for the additional goods sent |
75,000 |
|
09/15/2022 |
Goods returned by Consignee |
50,000 |
|
09/20/2022 |
Consignee paid for the goods returned |
25,000 |
|
09/22/2022 |
Sold goods directly to customers |
80,000 |
|
09/25/2022 |
Received payment for goods sold directly to customers |
80,000 |
|
09/28/2022 |
Additional goods sent to Consignee on consignment |
100,000 |
|
09/30/2022 |
Consignee sold goods on consignment |
120,000 |
|
09/30/2022 |
Consignee's commission paid |
10,000 |
Answer:
FLOW ENERGY Consignee Account
|
Date |
Transaction |
Debit (₦) |
Credit (₦) |
Balance (₦) |
|
09/01/2022 09/05/2022 09/07/2022 09/10/2022 09/15/2022 09/20/2022 09/30/2022 09/30/2022 Total |
Goods received on consignment Payment received for goods sold Additional goods received on consignment Payment received for additional goods sold Goods returned Payment received for goods returned Goods sold on consignment Commission paid to Consignee |
200,000 0 150,000 0 50,000 0 0 10,000 410,000 |
0 100,000 0 75,000 0 25,000 120,000 0 320,000 |
200,000 100,000 250,000 175,000 125,000 100,000 220,000 210,000 210,000 |
FLOW ENERGY Trading, Profit and Loss Account
For the month of September 2022
|
Particulars |
Amount (₦) |
Particulars |
Amount (₦) |
|
Sales (direct) Sales (consignment) Commission expense |
80,000 120,000 10,000 |
Cost of goods sold Gross Profit Net Profit |
150,000 50,000 40,000 |