Test: Consignment - 1


30 Questions MCQ Test Principles and Practice of Accounting | Test: Consignment - 1


Description
This mock test of Test: Consignment - 1 for CA Foundation helps you for every CA Foundation entrance exam. This contains 30 Multiple Choice Questions for CA Foundation Test: Consignment - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Consignment - 1 quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Consignment - 1 exercise for a better result in the exam. You can find other Test: Consignment - 1 extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

If the del credere commission is 10%, cash sales is Rs. 5,000 and credit sales is Rs. 10,000. Calculate the amount of del credere commission

Solution:
QUESTION: 2

 Consignment Account is a :

Solution:
QUESTION: 3

J of Jaipur sends 500 radios @ Rs. 200 each to D of Delhi. All the radios are sold by D at a profit of 25% on cost. D is entitled to a commission of Rs. 25 per radio sold plus 20% of gross sale proceeds as exceeds an amount calculated @ 20% profit on cost Calculate commission.

Solution:
QUESTION: 4

Commission provided by the consignor to the consignee to promote credit sale is know as : 

Solution:
QUESTION: 5

On 1st Sept. 2006 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one sixth profit on invoice price. What is the invoice price of goods :

Solution:
QUESTION: 6

The risk of stock on consignment lies with 

Solution:
QUESTION: 7

 A proforma invoice is sent by : 

Solution:
QUESTION: 8

A consigned 1000 litres of coconut oil @ Rs. 50 per it. To B. The normal loss is estimated at 5%. The profit was fixed at 14% on the total cost. What is the sale price per liter?

Solution:
QUESTION: 9

P sent out goods costing R.s 45,000 to Y at cost + 33 1/3%. 1/10th of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. The amount of sale value will be :

Solution:
QUESTION: 10

X consigns 500 bags to Y costing Rs. 400 each at an inflated price of Rs. 450 each consignor’s expenses Rs. 4000. Consignee’s expenses freight Rs. 1000, selling Rs. 2000, 400 bags were sold. The amount of stock reserve will be: 

Solution:
QUESTION: 11

X sent out certain goods to Y. 1/10th of goods were lost in transit. Invoice value of goods lost is Rs. 12,500. Invoice value of goods sent out on consignment will be: 

Solution:
QUESTION: 12

Goods sent on consignment account is a : 

Solution:
QUESTION: 13

Account Sales includes: 

Solution:
QUESTION: 14

X sends out goods costing Rs. 2,00,000 to Y. 3/5th of the goods were sold by consignee for Rs. 1,40,000.Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of commission will be :

Solution:
QUESTION: 15

X sends out 400 bags to Y costing Rs. 4,000. Y’ costing Rs.200 each, consignor expenses were Rs.4000.Y's non selling expenses Rs. 2,000. And selling expenses of Rs. 1,000. 300 bags were sold by Y. Value of consignment stock will be :

Solution:
QUESTION: 16

Ram of Kolkata sends out 1,000 boxes to Y of Delhi, costing Rs. 200 each. 1/10th of the boxes were lost in transit. 2/3rdof the boxes received by consignee is sold at cost +25%. The amount of sale value will be:

Solution:
QUESTION: 17

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 invoice price. Invoice value of goods sends out is:

Solution:
QUESTION: 18

X of Kolkata sends out 1,000 bags to Y of Delhi costing Rs. 2,000 each. 600 bags were sold at 10% above cost price. Sale value will be:

Solution:
QUESTION: 19

X of Kolkata sends out 500 bags to Y costing Rs. 400 each at an invoice price of Rs. 500 each. consignor’s expenses Rs. 4,000 consignee’s , non-selling Rs. 1000, selling expenses Rs. 2,000. 400 bags were sold. The amount of Inventories Reserve will be

Solution:
QUESTION: 20

 X consigned goods to Y costing Rs. 30,000 at cost plus 25%. These goods are to be sold at invoice value plus 10%. Y sold a part of the goods for Rs. 33,000. What will be the value of stock lying with Y that will be shown by X at the closing of accounts?

Solution:
QUESTION: 21

X of Kolkata sends out goods costing Rs 1,00,000 to Y of Delhi. 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:

Solution:
QUESTION: 22

Which of the following statement is wrong: 

Solution:
QUESTION: 23

Good 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: 

Solution:
QUESTION: 24

X sends out 400 bags costing Rs. 200 each to Y. 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: 

Solution:
QUESTION: 25

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: 

Solution:
QUESTION: 26

X of Kolkata sends out 400 bags to Y of Delhi costing Rs. 200 each. Consignor expenses Rs. 2,000. Y expenses non selling Rs. 2,000, selling expenses Rs.1000. 300 bags were sold by Y. Value of consignment Inventories will be:

Solution:
QUESTION: 27

Rahim of Kolkata sends out 1,000 boxes to Ram of Delhi costing Rs. 100 each at an invoice price of Rs. 120 each. Goods send out on consignment to be credited in general trading will be:

Solution:
QUESTION: 28

Me. A sold goods amounting to Rs. 30,000 (cost of goods Rs. 24,000) received on consignment, during the month of April, 2009. Half of the sales was on credit. He is entitled for 5% commission on sales. In addition to that he is also entitled for 2% del credere commission due to Mr. A for the month of April, 2009?

Solution:
QUESTION: 29

 X of Kolkata sends out 2000 boxes to Y to Delhi costing Rs. 100 each. consignor’s expenses Rs. 5000. 1/10th of the boxes were lost in consignee’s godown and treated as normal loss. 1200 boxes were sold by consignee. The value of consignment Inventories will be:

Solution:
QUESTION: 30

 Who is owner of the unsold stock left with the consignee?

Solution:

Similar Content

Related tests