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F.Y.B.Com Mathematics Unit 1 COMMISSION BROKERAGE DISCOUNT

Name: F.Y.B.Com Mathematics Unit 1 COMMISSION BROKERAGE DISCOUNT
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COMMISSION, BROKERAGE, DISCOUNT AND PARTNERSHIP OBJECTIVES Money plays an important role in any transaction. We are going to study some Technical terms ... [Show More] involved in business transactions. 1.1 COMMISSION A producer or manufacturer of goods generally does not sell his goods directly to the ultimate consumer. There are agents who purchase the goods from the manufacturer and sell them to the consumer. In a sense, such agents bring the manufacturers and the consumers together for transaction. The remuneration which an agent gets for his services in the transaction is called commission. Most of the business transactions are made through intermediate persons. 1.2 RATE OF COMMISSION The amount of commission that an agent gets in the transaction depends on the volume of work done or the services rendered by him. His commission is based on the value of the goods bought or sold and is generally fixed on a percentage basis. In some cases, he is paid a commission on the total sales brought by the agent or on different slabs. For example, it may be 5% on the first Rs. 10,000/-, 6% on the next Rs. 5,000/- and so on. 1.3 TYPES OF COMMISSION AGENTS On account of the different fields of specialization in business activities agents can be differentiated as such as commission agents, brokers, del credere agents, factors, insurance agents, export agents, auctioneers, etc. Agents particularly salesmen are also paid regular salary in addition to commission they earn. Commission Agent: A commission agent is that middle-man who buys or sells goods on behalf of some other person called as principal. He is usually employed by his principal and gets commission as some percentage of the sale value. Broker : A broker is that middle-man who brings together a prospective seller and a prospective buyer and negotiates the sale between them. The commission that he gets is called brokerage, which may be charged from both the parties. Accordingly, there are stock-brokers, producer, brokers, bullion-brokers, bill-brokers, insurance-brokers depending upon the field of business in which they work. Factor: A factor is an agent who takes possession of the goods and then sells them in his own name. A factor does the transaction without disclosing the name or identity of his principal. He receives payment in his own name and passes receipt for the same. Del Credere Agent: A del credere agent sells goods and at the same time gives a guarantee of the collection of dues from the consumers. In return for this guarantee, he gets an additional commission known as del creders. This commission may be at a flat rate on all the sales or at a higher rate on credit sales only. Auctioneer: A person who wants to sell his goods or property or machinery approaches such an agent. The agent then gives an advertisement in which he gives some description of the goods and the date of sale. The agent sells goods to the highest bidder, i.e. the person who offers to pay the highest amount in the auction. Such an agent is called an auctioneer. Generally, the auctioneer does not disclose the name of the principal. [Show Less]

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F.Y.B.Com Mathematics Unit 1 COMMISSION BROKERAGE DISCOUNT

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F.Y.B.Com Mathematics

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F.Y.B.Com Mathematics Unit 1 COMMISSION BROKERAGE DISCOUNT