Advanced bookkeeping for commercial and accountancy classes

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ...of the following paragraph from the Money Article in a daily paper; specify the transactions in British currency:--India Council Allotments. Applications were received at the Bank for Re. 1,20,00,000 Council drafts on India, the applications for bills being Rs. 93,00,000, and for telegraphic transfers Rs. 9,08,00,000. The amount accepted in bills was Rs. 10,84,000, Rs. 6,64,000 being on Calcutta, Rs. 2,45,000 on Bombay, and Rs. 1,75,000 on Madras, tenders at 1s. 4 3-32d. per rupee receiving about 11 per cent. Telegraphic transfers for Rs. 1,09,16,000 were also sold. Rs. 83,87,000 being on Calcutta, R. 21,80,000 on Bombay, and Rs. 3,49,000 on Madras, tenders at 1s. 4 5-32d. per rupee receiving about 11 per cent. EXERCISE 27. (London Chamber of Commerce, Senior Commercial Certificate Examination.) 1. Prepare the necessary Journal Entry for the transaction below and post same to Ledger--. Invoice of chains shipped per ss. "Falcon," London to Bombay via Suez Canal, and consigned to Messrs. Larrissa & Co., Bombay, for sale and return by Messrs. Johnson, Gibbs & Co. 6 short link chains, weighing 155 cwt. 2 qrs., at 12s. per cwt... £93 6 0 Charges. Freight on 7 tons 15 cwt. 2 qrs. 0 lb., at 30s. and 10% primage......... £12 16 7 Bill of Lading and Postages......... 026 Insurance on £110, at 10s. and Duty...... 0 11 6 13 10 7 2. Referring to the preceding question the following is a copy of the Account Sales rendered by the Consignees. Prepare the necessary Journal and Ledger entries in the books of both Consignor and Consignee. Account Sales of chain3 ex ss. "Falcon," from London, sold by the undersigned Larrissa & Co., on account and at the risk of Messrs. Johnson, Gibbs & Co. 6 chains weighing 155 cwt. 2 qrs. 0 ...