F.Y B.COM
SEMESTER - 2
FINANCIAL ACCOUNTING
(FA)
MCQS - CONSIGNMENT ACCOUNT
CONSIGNMENT ACCOUNT
1. P of Delhi sends out 100 boxes of toothpaste costing Rs 200 each. Each boxes consist of 12 packets. 60 boxes were sold by consignee at Rs 20 per packet. Amount of sale value will be:
(a) Rs.14,400
(b) Rs.12,000
(c) Rs.13,200
(d) Rs.14,200
2. X of Kolkata sends out 2000 boxes to Y of Delhi costing Rs 100 each. Consignor's expenses Rs 5000. 1/10* of the boxes were lost in consignee's godown and treated as normal loss. 1200 boxes were sold by consignee. The value of consignment stock will be:
(a) Rs.68,333
2. X of Kolkata sends out 2000 boxes to Y of Delhi costing Rs 100 each. Consignor's expenses Rs 5000. 1/10* of the boxes were lost in consignee's godown and treated as normal loss. 1200 boxes were sold by consignee. The value of consignment stock will be:
(a) Rs.68,333
(b) Rs.61,500
(c) Rs.60,000
(d) Rs.60,250
3. Goods costing Rs 2,00,000 sent out to consignee at Cost +25%. Invoice value of the goods will be:
(a) Rs.2,50,000
3. Goods costing Rs 2,00,000 sent out to consignee at Cost +25%. Invoice value of the goods will be:
(a) Rs.2,50,000
(b) Rs.2,40,000
(c) Rs.300,000
(d) None
4. Goods costing Rs 1,80,000 sent out to consignee to show a profit of 20% on Invoice Price Invoice price of the goods will be:
(a) Rs.2,16,000
4. Goods costing Rs 1,80,000 sent out to consignee to show a profit of 20% on Invoice Price Invoice price of the goods will be:
(a) Rs.2,16,000
(b) Rs.2,25,000
(c) Rs.2,10,000
(d) None
5. Goods of the Invoice value Rs 2,40,000 sent out fo consignee at 20% profit on cost. The loading amount will be:
(a) Rs.40,000
(d) None
5. Goods of the Invoice value Rs 2,40,000 sent out fo consignee at 20% profit on cost. The loading amount will be:
(a) Rs.40,000
(b) Rs.48,000
(c) Rs.50,000
(d) None
6. X sent out certain goods to Y of Delhi. 1 /10 of the goods were lost in transit. Invoice value of goods lost Rs 12,500. Invoice value of goods sent out on consignment will be:
(a) Rs.1,20,000
(c) Rs.50,000
(d) None
6. X sent out certain goods to Y of Delhi. 1 /10 of the goods were lost in transit. Invoice value of goods lost Rs 12,500. Invoice value of goods sent out on consignment will be:
(a) Rs.1,20,000
(b) Rs.1,25,000
(c) Rs.1,40,000
(d) Rs.1,00,000
7. Rabin consigned goods for the value of Rs 8,250 to Raj of Kanpur paid freight etc. of Rs 650 and insurance Rs 400. Drew a bill on Raj at 3 months after date for Rs 3,000 as an advance against consignment, and discounted the bill for Rs 2960. Received Account Sales from Raj showing that part of the goods had realized gross Rs 8,350 and that his expenses and commission amounted to Rs 870. The stock unsold was valued at Rs 2,750. Consignee wants to remit a draft for the amount due. The amount of draft will be:
(a) Rs.2,130
(d) Rs.1,00,000
7. Rabin consigned goods for the value of Rs 8,250 to Raj of Kanpur paid freight etc. of Rs 650 and insurance Rs 400. Drew a bill on Raj at 3 months after date for Rs 3,000 as an advance against consignment, and discounted the bill for Rs 2960. Received Account Sales from Raj showing that part of the goods had realized gross Rs 8,350 and that his expenses and commission amounted to Rs 870. The stock unsold was valued at Rs 2,750. Consignee wants to remit a draft for the amount due. The amount of draft will be:
(a) Rs.2,130
(b) Rs.4,480
(c) Rs.5,130
(d) Rs.5,090
8. X of Kolkata sends out goods costing Rs 1,00,000 to Y of Dethi. 3/5th of the goods were Sold by consignee for Rs 70,000. Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of Commission will be:
(a) Rs.2,833
(c) Rs.5,130
(d) Rs.5,090
8. X of Kolkata sends out goods costing Rs 1,00,000 to Y of Dethi. 3/5th of the goods were Sold by consignee for Rs 70,000. Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of Commission will be:
(a) Rs.2,833
(b) Rs.2,900
(c) Rs,3,000
(d) Rs.2,800
9. X of Kolkata send out 1000 bag to Y of Delhi costing Rs 200 each: Consignor's expenses Rs.2,000. Y's expenses non-selling Rs 1000, selling Rs 2000. 100 bags were lost in transit. Value of lost in transit will be:
(a) Rs.20,200
(b) Rs.20,300
(c) Rs.20,000
(d) Rs.23,000
10. X of Kolkata sends out 1000 bags to Y on Delhi costing Rs 2000 each. 600 bags were sold at 10% above cost price. Sale value will be:
(a) Rs.13,20,000
9. X of Kolkata send out 1000 bag to Y of Delhi costing Rs 200 each: Consignor's expenses Rs.2,000. Y's expenses non-selling Rs 1000, selling Rs 2000. 100 bags were lost in transit. Value of lost in transit will be:
(a) Rs.20,200
(b) Rs.20,300
(c) Rs.20,000
(d) Rs.23,000
10. X of Kolkata sends out 1000 bags to Y on Delhi costing Rs 2000 each. 600 bags were sold at 10% above cost price. Sale value will be:
(a) Rs.13,20,000
(b) Rs.13,00,000
(c) Rs.12,00,000
(d) Rs.13,50,000
11. Which of the following statement is not true:
(a) If del-creder's commission is allowed, bad debt will not be recorded in the books of consignor
(b) If del-creder's commission is allowed, bad debt will be debited in consignment account
(c) Del-creder's commission is allowed by consignor to consignee
(d) Del-creder's commission is generally relevant for credit sales
12. X of Kolkata sends out 400 bags to Y on Delhi costing Rs 200 each. Consignor expenses C2 Rs. 2,000. Y expenses non selling Rs 2,000, selling 1,000, 300 bags were sold by Y. Value of consignment stock will be:
(a) Rs.20,400
11. Which of the following statement is not true:
(a) If del-creder's commission is allowed, bad debt will not be recorded in the books of consignor
(b) If del-creder's commission is allowed, bad debt will be debited in consignment account
(c) Del-creder's commission is allowed by consignor to consignee
(d) Del-creder's commission is generally relevant for credit sales
12. X of Kolkata sends out 400 bags to Y on Delhi costing Rs 200 each. Consignor expenses C2 Rs. 2,000. Y expenses non selling Rs 2,000, selling 1,000, 300 bags were sold by Y. Value of consignment stock will be:
(a) Rs.20,400
(b) Rs.20,200
(c) Rs.20,000
(d) Rs.21,000
13. X of Kolkata sent out 2000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%. X draws, a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be:
(a) Rs.1,74,000
13. X of Kolkata sent out 2000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%. X draws, a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be:
(a) Rs.1,74,000
(b) Rs.2,00,000
(c) Rs.2,90,000
(d) Rs.1,20,000
14. Which of the following statement is wrong:
(a) Consignor is the owner of the consignment stock
(b) Del-credere commission is allowed by consignor to protect himself for bad debt
(c) Proportionate consignor's expenses is added up with consignment stock
(d) All proportionate consignee's expenses will be added up for valuation of consignment stock.
15. X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each. Consignor's A/c expenses Rs.4,000 consignee's expenses, non-sling Rs.1,000, selling Rs. 2,000. 400 bags were sold. The amount of consignment stock at Invoice Price will be:
(a) Rs.50,900
(b) Rs.50,800
(c) Rs.50,000
14. Which of the following statement is wrong:
(a) Consignor is the owner of the consignment stock
(b) Del-credere commission is allowed by consignor to protect himself for bad debt
(c) Proportionate consignor's expenses is added up with consignment stock
(d) All proportionate consignee's expenses will be added up for valuation of consignment stock.
15. X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each. Consignor's A/c expenses Rs.4,000 consignee's expenses, non-sling Rs.1,000, selling Rs. 2,000. 400 bags were sold. The amount of consignment stock at Invoice Price will be:
(a) Rs.50,900
(b) Rs.50,800
(c) Rs.50,000
(d) Rs.51,000
16. X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each. Consignor's Ac expenses Rs 4,000 consignee's expenses, non-selling RS 1,000, selling Rs. 2,000. 400 bags were sold. The amount of Stock Reserve will be
(a) Rs.10,000
(b) Nil
(c) Rs.20,000
(d) Rs.20,400
17. Commission will be shared between:
(a) Consignor & Consignee
(b) Only Consignee
(c) Only Consignor
(d) Third Party
18. X of Kolkata sends out certain goods to Y of Mumbai at cost + 25%. 1/2 of the goods received by Y is sold at 1,76,000 at 10% above IP. Invoice value of goods send out is:
(a) Rs.3.00,000
16. X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each. Consignor's Ac expenses Rs 4,000 consignee's expenses, non-selling RS 1,000, selling Rs. 2,000. 400 bags were sold. The amount of Stock Reserve will be
(a) Rs.10,000
(b) Nil
(c) Rs.20,000
(d) Rs.20,400
17. Commission will be shared between:
(a) Consignor & Consignee
(b) Only Consignee
(c) Only Consignor
(d) Third Party
18. X of Kolkata sends out certain goods to Y of Mumbai at cost + 25%. 1/2 of the goods received by Y is sold at 1,76,000 at 10% above IP. Invoice value of goods send out is:
(a) Rs.3.00,000
(b) Rs.3,20,000
(c) Rs.1,80,000
(d) Rs.3,40,000
19. X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor's expenses Rs 5000. I/10th of the goods were lost in transit. Insurance claim received Rs. 3,000. The net loss on account of abnormal loss is:
(a) Rs.27,500
(b) Rs.25,500
19. X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor's expenses Rs 5000. I/10th of the goods were lost in transit. Insurance claim received Rs. 3,000. The net loss on account of abnormal loss is:
(a) Rs.27,500
(b) Rs.25,500
(c) Rs.30,500
(d) Rs.27,000
20. Rahim of Kolkata sends out 1000 boxes to Ramof Delhi costing Rs 100 each at an IP of Rs. 120 each. Goods send out on consignment to be credited in general trading will be:
(a) Rs.1,00,000
(d) Rs.27,000
20. Rahim of Kolkata sends out 1000 boxes to Ramof Delhi costing Rs 100 each at an IP of Rs. 120 each. Goods send out on consignment to be credited in general trading will be:
(a) Rs.1,00,000
(b) Rs.1,20,000
(c) Rs.20,000
(d) None
21. In the books of consignor, the profit of consignment will be transferred to:
(a) General Trading A/c
(b) General P/L A/c
(c) Drawings A/c
(d) None of these
22. Ram of Kolkata sends out 1000 boxes to Y of Delhi, costing Rs 200 each. 1/10* of the boxes were lost in transit. 2/3rd of the boxes received by consignee is sold at cost +25%. The amount of sale value will be:
(a) Rs.1,00,000
(d) None
21. In the books of consignor, the profit of consignment will be transferred to:
(a) General Trading A/c
(b) General P/L A/c
(c) Drawings A/c
(d) None of these
22. Ram of Kolkata sends out 1000 boxes to Y of Delhi, costing Rs 200 each. 1/10* of the boxes were lost in transit. 2/3rd of the boxes received by consignee is sold at cost +25%. The amount of sale value will be:
(a) Rs.1,00,000
(b) Rs.1,50,000
(c) Rs.1,20,000
(d) Rs.1,40,000
23. X of Kolkata sends out goods costing Rs 80,000 to Y of Mumbai so as to show 20% profit on invoice value. 3/5th of the goods received by consignee is sold at 5% above invoice price. The amount of sale value will be:
(a) Rs.63,000
(b) Rs.60,000
(c) Rs.50,400
(d) Rs.40,000
24. X of Kolkata sends out certain goods at cost+ 25%. Invoice value of goods sends out Rs. 200,000. 4/5th of the goods were sold by consignee at Rs.1,76,000. Commission 2% up to invoice value and 10%. of any surplus above invoice value. The amount of commission will be:
(a) Rs.4,800
(b) Rs.5,200
(c) Rs.3,200
(d) Rs.1,600
25. Ram of Kolkata sends out goods costing 100,000 to Y of Mumbai at 20% profit on invoice price.1/10th of the goods were lost in transit. 3/5th of the balance goods were sold. The amount of stock eserve on consignment stock will be:
(a) Rs.4,500
(b) Rs.9,000
(c) Rs.11,250
(d) None
26. C of Bangalore consigned goods costing Rs 3,000 to his agent at Delhi. Freight and insurance paid by consignor Rs 100. Consignee's expenses Rs 200.4/5th of the goods were sold for Rs 3,000. Commission 2% on sales. Consignee want to settle the balance with the help of a bank draft. The amount of draft will be:
(a) Rs.2,740
23. X of Kolkata sends out goods costing Rs 80,000 to Y of Mumbai so as to show 20% profit on invoice value. 3/5th of the goods received by consignee is sold at 5% above invoice price. The amount of sale value will be:
(a) Rs.63,000
(b) Rs.60,000
(c) Rs.50,400
(d) Rs.40,000
24. X of Kolkata sends out certain goods at cost+ 25%. Invoice value of goods sends out Rs. 200,000. 4/5th of the goods were sold by consignee at Rs.1,76,000. Commission 2% up to invoice value and 10%. of any surplus above invoice value. The amount of commission will be:
(a) Rs.4,800
(b) Rs.5,200
(c) Rs.3,200
(d) Rs.1,600
25. Ram of Kolkata sends out goods costing 100,000 to Y of Mumbai at 20% profit on invoice price.1/10th of the goods were lost in transit. 3/5th of the balance goods were sold. The amount of stock eserve on consignment stock will be:
(a) Rs.4,500
(b) Rs.9,000
(c) Rs.11,250
(d) None
26. C of Bangalore consigned goods costing Rs 3,000 to his agent at Delhi. Freight and insurance paid by consignor Rs 100. Consignee's expenses Rs 200.4/5th of the goods were sold for Rs 3,000. Commission 2% on sales. Consignee want to settle the balance with the help of a bank draft. The amount of draft will be:
(a) Rs.2,740
(b) Rs.2,800
(c) Rs.3,000
(d) Rs.1,800
27. Out of the following at which point the treatment of "Sales", and "Consignment' is same:
(a) Ownership transfer
(b) Money receive
(c) Stock outflow
(d) Risk
28. If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to:
(a) Commission Earned A/c
(b) Consignor A/c
(c) Debtors A/c
(d) General Trading A/c
29. A proforma invoice is sent by:
(a) Consignee to Consignor
(b) Consignor to Corisignee
(c) Debtors to Consignee
(d) Debtors to Consignor
30. Which of the following statement is correct:
(a) Consignee will pass a journal entry in his books at the time of receiving goods from consignor.
(b) Consignee will not pass any journal entry in his books at the time of receiving goods from consignor.
(c)The ownership of goods will be transferred to consignee at the time of receiving the goods.
(d) Consignee will treat consignor as creditor at the time of receiving goods.
31. 1000 kg of apples are consigned to a wholesaler, the cost being Rs 3 per kg plus Rs 400 of freight, it is known that a loss of 15% is unavoidable. The cost per kg will be:
(a) Rs.5
(b) Rs.4
(c) Rs.3.40
(d) Rs.3
32. A of Mumbai sold goods to B of Delhi, the goods are to be sold at 125% of cost which is invoice price. Commission 10% on sales at IP and 25% of any surplus realized above IP. 10% of he goods sent out on consignment, invoice value of which is Rs 12,500 were destroyed. 75% of the total consignment is sold by B at Rs 1,00,000. What will be the amount of commission payable to B?
(a) Rs.11,562.50
(c) Rs.3,000
(d) Rs.1,800
27. Out of the following at which point the treatment of "Sales", and "Consignment' is same:
(a) Ownership transfer
(b) Money receive
(c) Stock outflow
(d) Risk
28. If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to:
(a) Commission Earned A/c
(b) Consignor A/c
(c) Debtors A/c
(d) General Trading A/c
29. A proforma invoice is sent by:
(a) Consignee to Consignor
(b) Consignor to Corisignee
(c) Debtors to Consignee
(d) Debtors to Consignor
30. Which of the following statement is correct:
(a) Consignee will pass a journal entry in his books at the time of receiving goods from consignor.
(b) Consignee will not pass any journal entry in his books at the time of receiving goods from consignor.
(c)The ownership of goods will be transferred to consignee at the time of receiving the goods.
(d) Consignee will treat consignor as creditor at the time of receiving goods.
31. 1000 kg of apples are consigned to a wholesaler, the cost being Rs 3 per kg plus Rs 400 of freight, it is known that a loss of 15% is unavoidable. The cost per kg will be:
(a) Rs.5
(b) Rs.4
(c) Rs.3.40
(d) Rs.3
32. A of Mumbai sold goods to B of Delhi, the goods are to be sold at 125% of cost which is invoice price. Commission 10% on sales at IP and 25% of any surplus realized above IP. 10% of he goods sent out on consignment, invoice value of which is Rs 12,500 were destroyed. 75% of the total consignment is sold by B at Rs 1,00,000. What will be the amount of commission payable to B?
(a) Rs.11,562.50
(b) Rs.10,000
(c) Rs.9,000
(d) Rs.9,700
33. Consignment A/c is prepared in the books of:
(a) Consignor
(d) Rs.9,700
33. Consignment A/c is prepared in the books of:
(a) Consignor
(b) Consignee
(c) Third Party
(d) None
34. Goods sent on consignment Invoice value 2,00,000 at cost+33¹/³ %. 1/5th of the goods were lost in transit. Insurance claim received Rs 10,000. The amount of abnormal loss to be transferred to General P/L is:
34. Goods sent on consignment Invoice value 2,00,000 at cost+33¹/³ %. 1/5th of the goods were lost in transit. Insurance claim received Rs 10,000. The amount of abnormal loss to be transferred to General P/L is:
(a) Rs.30,000
(b) Rs.20,000
(c) Rs.35,000
(c) Rs.35,000
(d) Rs.20,000
35. X of Kolkata sends out 100 boxes to Y of Delhi costing Rs 200 each. Consignor's expenses Rs. 4000. Consignee's expenses non-selling 900, selling 500. I/10th of the boxes were lost in transit. 2/3rd of the boxes received by consignee were sold. The amount of consignment stock will be:
(a) Rs.7,200
35. X of Kolkata sends out 100 boxes to Y of Delhi costing Rs 200 each. Consignor's expenses Rs. 4000. Consignee's expenses non-selling 900, selling 500. I/10th of the boxes were lost in transit. 2/3rd of the boxes received by consignee were sold. The amount of consignment stock will be:
(a) Rs.7,200
(b) Rs.7,500
(c) Rs.7,000
(d) Rs.6,000
36. X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignor's expenses Rs 2000. 3/5* of the goods were sold by consignee at 85000. Commission 2% on sales+ 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:
(a) Rs.3,083
(c) Rs.7,000
(d) Rs.6,000
36. X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignor's expenses Rs 2000. 3/5* of the goods were sold by consignee at 85000. Commission 2% on sales+ 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:
(a) Rs.3,083
(b) Rs.3,000
(c)Rs.2,500
(d) Rs.2,000
37. Consignment stock will be recorded in the balance sheet of consignor on asset side at:
(a) Invoice Value
(b) At Invoice value less stock reserve
(c) At lower than cost price
(d) At 10% lower than invoice value
38. Which of the following expenses of consignee will be considered as non-selling expenses:
(a) Advertisement
(b) Insurance
(c) Selling Expenses
(d) None of the above
39. The consignment accounting is made on the following basis:
(a) Accrual
(b) Realization
(d) Rs.2,000
37. Consignment stock will be recorded in the balance sheet of consignor on asset side at:
(a) Invoice Value
(b) At Invoice value less stock reserve
(c) At lower than cost price
(d) At 10% lower than invoice value
38. Which of the following expenses of consignee will be considered as non-selling expenses:
(a) Advertisement
(b) Insurance
(c) Selling Expenses
(d) None of the above
39. The consignment accounting is made on the following basis:
(a) Accrual
(b) Realization
(c) Cash Basis
(d) None
40. Goods sent on consignment Rs 7,60,000. Opening consignment stock Rs 48,000. Cash sales Rs 7,00,000. Consignor's expenses Rs 20,000. Consignee's expenses Rs 12,000. Commission Rs 20,000. Closing consignment stock Rs 3,00,000. The profit on consignment is:
(a) Rs.1,50,000
(d) None
40. Goods sent on consignment Rs 7,60,000. Opening consignment stock Rs 48,000. Cash sales Rs 7,00,000. Consignor's expenses Rs 20,000. Consignee's expenses Rs 12,000. Commission Rs 20,000. Closing consignment stock Rs 3,00,000. The profit on consignment is:
(a) Rs.1,50,000
(b) Rs.1,40,000
(c) Rs.92,000
(d) None
41.X of Kolkata sends out 100 boxes to Y of Delhi costing Rs 100 each. Consignors expenses Rs.1,000. Consignees expenses selling Rs 500. 3/5th of the goods sold by consignee,1/2 of the balance goods were lost in consignee's godown due to fire. The value of abnormal loss will be:
(a) Rs.3,000
(b) Rs.2,200
(c) Rs.4,000
(d) None
42. X of Kolkata sends out 1000 boxes costing Rs.2000 each to Y of Delhi. I/10th of the boxes were lost in transit. 2/3rd of the remaining boxes sold by consignee at cost + 25%. The sale value will be:
(a) Rs.1,50,000
(b) Rs.1,40,000
(d) None
41.X of Kolkata sends out 100 boxes to Y of Delhi costing Rs 100 each. Consignors expenses Rs.1,000. Consignees expenses selling Rs 500. 3/5th of the goods sold by consignee,1/2 of the balance goods were lost in consignee's godown due to fire. The value of abnormal loss will be:
(a) Rs.3,000
(b) Rs.2,200
(c) Rs.4,000
(d) None
42. X of Kolkata sends out 1000 boxes costing Rs.2000 each to Y of Delhi. I/10th of the boxes were lost in transit. 2/3rd of the remaining boxes sold by consignee at cost + 25%. The sale value will be:
(a) Rs.1,50,000
(b) Rs.1,40,000
(c) Rs.1,20,000
(d) Rs.1,00,000
(d) Rs.1,00,000
43. Which of the following item is not credited to consignment account?
(a) Cash sales made by consignee
(b) Credit sales made by consignee
(c) Consignment stock
(d) Stock reserve
44. Goods sent out on consignment Rs.2,00,000 consignor's expenses 5,000. consignee's expenses 2,000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs. 40,000. Ordinary commission payable to consignee Rs 3,000. Del-credere commission Rs.2,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?
(a) Rs.38,000
(b) Rs.40,000
(c) Rs.36,000
(d) Rs.43,000
45. The commission received from consignor will be transferred to which account?
(a) General Trading
(b) General P/L
(c) Balance Sheet
(d) None of these
46. X of Kolkata sends out 1000 boxes to Y of Delhi costing Rs 20 each. Consignor's expenses 2000. 4/5* of the boxes were sold at 25 each. The profit on consignment will be:
(a) Rs.2,400
44. Goods sent out on consignment Rs.2,00,000 consignor's expenses 5,000. consignee's expenses 2,000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs. 40,000. Ordinary commission payable to consignee Rs 3,000. Del-credere commission Rs.2,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?
(a) Rs.38,000
(b) Rs.40,000
(c) Rs.36,000
(d) Rs.43,000
45. The commission received from consignor will be transferred to which account?
(a) General Trading
(b) General P/L
(c) Balance Sheet
(d) None of these
46. X of Kolkata sends out 1000 boxes to Y of Delhi costing Rs 20 each. Consignor's expenses 2000. 4/5* of the boxes were sold at 25 each. The profit on consignment will be:
(a) Rs.2,400
(b) Rs.2,000
(c) Rs:3,000
(c) Rs:3,000
(d) Rs.3,500
47. If del-credere commission is allowed by consignor to consignee the bad deb treatment will be (In the books of Consignor):
(a) Will not be recorded in consignor's books
(b) Bad Debt will be debited in Consignor's A/c
(c) Bad Debt ill be charged to General P/L A/c
(d) Bad Debt will be recoverable along with credit sales
48. The owner of the consignment stock is:
(a) Consignor
(a) Will not be recorded in consignor's books
(b) Bad Debt will be debited in Consignor's A/c
(c) Bad Debt ill be charged to General P/L A/c
(d) Bad Debt will be recoverable along with credit sales
48. The owner of the consignment stock is:
(a) Consignor
(b) Consignee
(c) Debtors
(d) None
49. The nature of the consignment account is:
(a) Capital in nature
(b) Revenue in nature
(d) None
49. The nature of the consignment account is:
(a) Capital in nature
(b) Revenue in nature
(c) Realization A/c in nature
(d) Bank A/c in nature
50. Goods sent out on consignment Rs 2,00,000. Consignor's expenses 5,000. Consignee's expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount" irrecoverable from customer Rs 2,000. What will be the profit on consignment?
(a) Rs,38,000
(b) Rs.40,000
(d) Bank A/c in nature
50. Goods sent out on consignment Rs 2,00,000. Consignor's expenses 5,000. Consignee's expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount" irrecoverable from customer Rs 2,000. What will be the profit on consignment?
(a) Rs,38,000
(b) Rs.40,000
(c) Rs.43,000
(d) None
51. Rahim of Kolkata sends out goods of the invoice value Rs 2,00,000 to Ram of Delhi at cost+25%. The amount of loading will be:
(a) Rs.50,000
(d) None
51. Rahim of Kolkata sends out goods of the invoice value Rs 2,00,000 to Ram of Delhi at cost+25%. The amount of loading will be:
(a) Rs.50,000
(b) Rs.40,000
(c) Rs.30,000
(d) Rs.60,000
52. Goods sent to consignment at cost + 331/3 %. The percentage of loading on invoice price will be:
(a) 25%
(a) 25%
(b) 331/3 %
(c) 20%
(d) None
53. The balance of goods sent out on consignment will be transferred to:
(a) General P/L
(b) General Trading
53. The balance of goods sent out on consignment will be transferred to:
(a) General P/L
(b) General Trading
(c) Balance Sheet
(d) Capital A/c
54. X of Kolkata purchased 1,000 boxes costing Rs 100 each. 200 boxes were sent Out to Y of Delhi at cost + 25%. 600 boxes were sold at 120 each. The amount of gross profit to be recorded in general trading will be:
(a) Rs.12,000
(d) Capital A/c
54. X of Kolkata purchased 1,000 boxes costing Rs 100 each. 200 boxes were sent Out to Y of Delhi at cost + 25%. 600 boxes were sold at 120 each. The amount of gross profit to be recorded in general trading will be:
(a) Rs.12,000
(b) Rs.17,000
(c) Rs.(3,000)
(d) None
55. In the books of consignee, the profit consignment will be transferred to:
(a) General Trading A/c
(b) General Profit and Loss A/c
55. In the books of consignee, the profit consignment will be transferred to:
(a) General Trading A/c
(b) General Profit and Loss A/c
(c) Drawings A/c
(d) None of the above
56. P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost +331/3 %. 1/10* of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. The amount of sale value will be:
(d) None of the above
56. P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost +331/3 %. 1/10* of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. The amount of sale value will be:
(a) Rs.54,000
(b) Rs.43,200
(c) Rs.60,000
(d) Rs.36,000
57. M of Kolkata sent out goods costing Rs. 45,000 to N of Mumbai at cost +331/3 %. 1/10th of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. Vi of the sales are on credit. The amount of credit sales will be:
(a) Rs.21,600
57. M of Kolkata sent out goods costing Rs. 45,000 to N of Mumbai at cost +331/3 %. 1/10th of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. Vi of the sales are on credit. The amount of credit sales will be:
(a) Rs.21,600
(b) Rs.18,000
(c) Rs.21,000
(d) Rs.22,500
58. A of Ahmedabad sent out certain goods so as to show a profit of 20% on IP. 1/10th of the goods were lost in transit. The cost price of goods lost is Rs.20,000. The invoice value of goods sent out is:
(a) Rs.2,50,000
58. A of Ahmedabad sent out certain goods so as to show a profit of 20% on IP. 1/10th of the goods were lost in transit. The cost price of goods lost is Rs.20,000. The invoice value of goods sent out is:
(a) Rs.2,50,000
(b) Rs.2,00,000
(C) Rs.2,25,000
(d) Rs.2,40,000
59. Ram of Delhi sends out goods costing Rs.2,00,000 to Krishna of Brindaban. Consignor's expenses Rs.5000. Consignee's expenses in relation to sales Rs 2000. 4/5th of the goods were sold at 20% above cost. The profit on consignment will be:
(a) Rs.26,000
59. Ram of Delhi sends out goods costing Rs.2,00,000 to Krishna of Brindaban. Consignor's expenses Rs.5000. Consignee's expenses in relation to sales Rs 2000. 4/5th of the goods were sold at 20% above cost. The profit on consignment will be:
(a) Rs.26,000
(b) Rs.32,000
(c) Rs.26,200
(d) Rs.(6,000)
60. Overwriting commission is a commission payable to consignee by consignor for.
(a) For protecting himself from bad debt
(b) For making sales above specific price
(c) As good friend
(d) As loyalty payment
61. A of Kolkata sends out 500 boxes to B of Delhi costing Rs 200 each. Consignor's expenses Rs.5000. 1/5th of the boxes were still in transit 3/4* of the goods received by consignee, were sold. the amount of goods still in transit will be:
(a) Rs.20,000
(b) Rs.21,000
(c) Rs.21,200
(d) None
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