Hannan and Mannan are involved in a consignment business where Hannan sends goods as consignor from Mymensingh to Mannan of Chittagong for retail sale. The goods are sent by Bus. 500 units were sent...

Hannan and Mannan are involved in a consignment business where Hannan sends goods as consignor from Mymensingh to Mannan of Chittagong for retail sale. The goods are sent by Bus. 500 units were sent @Tk.1,000 each Tk.5,00,000 Freight charge paid by consignor Tk.1.50,000 Loading charge paid by consignor Tk.50,000 Unloading charge paid by consignee Tk.24,000 Insurance charge paid by consignor Tk.10,000 Carrying charge to warehouse paid by consignee Tk.16,000 Warehouse rent paid by consignee Tk.20,000 100 units were lost by accident in transit by Bus and remaining goods were unloaded from Bus. Insurance claim received Tk.1,20,000. They arranged for remaining 400 units to carry from Bus station to warehouse and paid carrying charge. 300 units were sold @Tk.2000 each. 10% of unsold goods at warehouse are considered normal loss. Commission is paid to the consignee @5% on sales. Required: Prepare the journal entries in the books of both parties and also give the important ledger.