X of Kigali sent on 15th January, 2006, a consignment of 500 toys bicycles costing Rwf. 100 each. Expenses of Rwf. 700 met by the consignor. Y of Bombay spent Rwf. 1,500 for clearance and the selling expenses were Rwf. 10 per bicycle. Y sold, on 4 th April 2006, 300 pieces @ Rwf. 160 per piece and again on 20th June 1999, 150 pieces @ Rwf. 172. Y was entitled to a commission of Rwf. 25 per piece sold plus one fourth of the amount by which the gross proceeds less total commission thereon exceeded a sum 50 Advanced Accounting I Lecture notes series prepared by Mr. Hakizimana Phanuel calculated at the rate of Rwf. 125 per piece sold. Y sent the amount due to X on 30th June 2006. You are required to show the Consignment Account and Y’s Account in the books of X. (illustration on accounting for loss of goods)
