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)

Expert Help With This Assignment — On Your Terms