Test: Consignment - 2


30 Questions MCQ Test Principles and Practice of Accounting | Test: Consignment - 2


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QUESTION: 1

X of Kolkata sends out 1000 boxes costing Rs. 200 each to Y of Delhi. 1/10th of the boxes were lost in transit. 2/3rd of the remaining boxes sold by consignee at cost + 25%. The sale value will be:

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QUESTION: 2

If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to:

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QUESTION: 3

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 invoice price and 25% of any surplus realized above invoice price. 10% of the goods sent out on consignment, invoice value of which is R.s 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?

Solution:
QUESTION: 4

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:

Solution:
QUESTION: 5

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:

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QUESTION: 6

The balance of goods sent out on consignment will be transferred to: 

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QUESTION: 7

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?

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QUESTION: 8

X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5th of the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:

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QUESTION: 9

The nature of the consignment account is:

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QUESTION: 10

 Which of the following expenses of consignee will be considered as non-selling expenses: 

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QUESTION: 11

 Which of the following statement is correct: 

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QUESTION: 12

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:

Solution:
QUESTION: 13

X of Kolkata sends out 1,000 boxes to Y of Delhi costing Rs. 20 each. Consignor’s expenses 2,000. 4/5th of the boxes were sold at 25 each. The profit on consignment will be:

Solution:
QUESTION: 14

X of Kolkata sends out certain goods at cost + 25%. Invoice value of goods sends out Rs. 2,00,000. 4/5th of the goods were sold by consignee at Rs. 1,76,000. Commission 2% upto invoice value and 10% of any surplus above invoice value.The amount of commission will be:

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QUESTION: 15

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:

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QUESTION: 16

A loss which is natural and unavoidable is called:

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QUESTION: 17

X Ltd. sends 5,000 bags of cement on consignment to Y Ltd. The Cost per bag is Rs. 40. The Carriage Inward in Rs. 25,000. It is estimated that the normal loss rate is 10% Calculate the cost per bag?

Solution:
QUESTION: 18

 Mr. X paid commission to his consignee Y, Rs. 25,000 which was @ 5% on sales affected by him. Goods were sold by Mr. Y at a profit of 25% on cost. Stock in hand on 31/3/11 is Rs. 50,000 at cost. So, cost of goods sent by Mr. X is:

Solution:
QUESTION: 19

A of Kolkata sends out 500 boxes to B of Delhi costing Rs. 200 each. Consignor’s expenses Rs. 5,000. 1/5th of the boxes were still in transit. 3/4th of the goods received by consignee, were sold. The amount of goods still in transit will be:

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QUESTION: 20

Goods sent on consignment at cost of Rs. 50,000. 1/4th of the goods lost in transit and claim received Rs. 10,000. The amount of abnormal loss to be transferred to General P & L Account is:

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QUESTION: 21

 X of Kolkata sends out goods costing Rs. 3,00,000 to Y of Delhi. Commission agreement—2% on sales + 3% on sales as del-credere commission. The entire goods is sold by consignee for Rs. 4 lacs. However, consignee is able to recover Rs. 3,95,000 from the Trade receivables. The amount of profit to be transferred to P/L as net commission by consignee will be:

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QUESTION: 22

In the books of consignee, the profit of consignment will be transferred to : 

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QUESTION: 23

 If stock is left with consignee at the end of the year, then it will be credited to ________?

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QUESTION: 24

 M of Kolkata sent out goods costing Rs. 45,000 to N of Mumbai at cost +33 1/3%. 1/10th of goods were lost transit. 2/3rd of the goods are sold at 20% above invoice price. 1/2 of the sales are on credit. The amount of credit sales will be:

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QUESTION: 25

When the del-credere commission is allowed by consignor to consignee. abnormal loss will be borne by:

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QUESTION: 26

The owner of the consignment Inventories is: 

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QUESTION: 27

X of Kolkata sends out goods costing Rs. 3,00,000 t Y of Delhi. Goods are to be sold at cost + 33 1/3%. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be:

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QUESTION: 28

S of Surat sent goods costing Rs. 3,00,000 to C of Chennai at cost + 20%. Half of the goods sent were sold by C at 10% above the invoice value. The sales value of goods will be

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QUESTION: 29

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. 2,000. 4/5th of the goods were sold t 20% above cost. The profit on consignment will be:

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QUESTION: 30

 In the books of consignor, the loss on consignment business will be charged to:

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