Test: Consignment - 3


40 Questions MCQ Test Principles and Practice of Accounting | Test: Consignment - 3


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QUESTION: 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:

Solution:
QUESTION: 2

X of Kolkata sends out 2000 boxes to Y of 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 stock will be:

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QUESTION: 3

Goods costing Rs 2,00,000 sent out to consignee at Cost + 25%. Invoice value of the goods will be:

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QUESTION: 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:

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QUESTION: 5

Goods of the Invoice value Rs 2,40,000 sent out to consignee at 20% profit on cost. The loading amount will be:

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QUESTION: 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:

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QUESTION: 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 2750.Consignee wants to remit a draft for the amount due. The amount of draft will be:

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QUESTION: 8

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: 9

X of Kolkata send out 1000 bag to Y of Delhi costing Rs 200 each. Consignor’s expenses Rs 2000. Y’s expenses non-selling Rs 1000, selling Rs 2000. 100 bags were lost in transit.Value of lost in transit will be:

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QUESTION: 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:

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QUESTION: 11

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:

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QUESTION: 12

Which of the following statement is wrong:

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QUESTION: 13

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 4000 consignee’s expenses, non-selling Rs 1000, selling Rs. 2000. 400 bags were sold.The amount of consignment stock at Invoice Price will be:

Solution:
QUESTION: 14

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 4000 consignee’s expenses, non-selling Rs 1000, selling Rs. 2000. 400 bags were sold. The amount of Stock Reserve will be

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QUESTION: 15

Commission will be shared between:

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QUESTION: 16

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:

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QUESTION: 17

X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 5000. 1/10th of the goods were lost in transit. Insurance claim received Rs 3000. The net loss on account of abnormal loss is:

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QUESTION: 18

Which of the following statement is not true:

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QUESTION: 19

X of Kolkata sends out 400 bags to Y on Delhi costing Rs 200 each. Consignor expenses Rs 2000. Y expenses non selling Rs 2000, selling 1000. 300 bags were sold by Y. Value of consignment stock will be:

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QUESTION: 20

Rahim of Kolkata sends out 1000 boxes to Ram of 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:

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QUESTION: 21

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

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QUESTION: 22

Ram of Kolkata sends out 1000 boxes to Y of Delhi, costing Rs 200 each. 1/10th 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:

Solution:
QUESTION: 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:

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QUESTION: 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% upto invoice value and 10% of any surplus above invoice value.The amount of commission will be:

Solution:
QUESTION: 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. ½ of the balance goods were sold. The amount of stock reserve on consignment stock will be:

Solution:
QUESTION: 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:

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QUESTION: 27

Out of the following at which point the treatment of “Sales” and “Consignment” is same:

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QUESTION: 28

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

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QUESTION: 29

A proforma invoice is sent by:

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QUESTION: 30

Which of the following statement is correct:

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QUESTION: 31

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 the 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?

Solution:
QUESTION: 32

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:

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QUESTION: 33

Consignment A/c is prepared in the books of :

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QUESTION: 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:

Solution:
QUESTION: 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. 1/10th of the boxes were lost in transit. 2/3rd of the boxes received by consignee were sold. The amount of consignment stock will be:

Solution:
QUESTION: 36

X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs 2000. 3/5th 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:

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QUESTION: 37

Consignment stock will be recorded in the balance sheet of consignor on asset side at:

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QUESTION: 38

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

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QUESTION: 39

The consignment accounting is made on the following basis:

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QUESTION: 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:

Solution:

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