Test: Consignment - 4


27 Questions MCQ Test Principles and Practice of Accounting | Test: Consignment - 4


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QUESTION: 1

X of Kolkata sends out 100 boxes to Y of Delhi costing Rs 100 each. Consignor’s expenses Rs 1000. Consignees expenses selling Rs 500. 3/5th of the goods sold by consignee, ½ of the balance goods were lost in consignee’s godown due to fire. The value of abnormal loss will be:

Solution:
QUESTION: 2

X of Kolkata sends out 1000 boxes costing Rs.2000 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:

Solution:
QUESTION: 3

Which of the following item is not credited to consignment account?

Solution:
QUESTION: 4

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. Ordinary commission payable to consignee Rs 3,000. Del-credere commission Rs 2000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?

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QUESTION: 5

The commission received from consignor will be transferred to which account?

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QUESTION: 6

X of Kolkata sends out 1000 boxes to Y of Delhi costing Rs 20 each. Consignor’s expenses 2000. 4/5th of the boxes were sold at 25 each. The profit on consignment will be:

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QUESTION: 7

If del-credere commission is allowed by consignor to consignee the bad debt treatment will be (In the books of Consignor):

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QUESTION: 8

The owner of the consignment stock is:

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QUESTION: 9

The nature of the consignment account is:

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QUESTION: 10

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?

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QUESTION: 11

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: 12

Goods sent to consignment at cost + 331/3 %. The percentage of loading on invoice price will be:

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QUESTION: 13

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

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QUESTION: 14

X of Kolkata purchased 1000 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:

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QUESTION: 15

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

Solution:
QUESTION: 16

P of  Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 331/3 %. 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: 17

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. ½ of the sales are on credit. The amount of credit sales will be:

Solution:
QUESTION: 18

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:

Solution:
QUESTION: 19

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:

Solution:
QUESTION: 20

Overwriting commission is a commission payable to consignee by consignor for:

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QUESTION: 21

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. 3/4th of the goods received by consignee, were sold. The amount of goods still in transit will be:

Solution:
QUESTION: 22

Consignment account is

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QUESTION: 23

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

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QUESTION: 24

Dravid of Delhi sends out goods to Sourav of Kolkata, goods costing Rs 2,00,000 at cost + 25%, with the instruction to sell it at cost + 50%. If 4/5th of the goods are sold at stipulated selling price and commission allowable 2% on sales. What will be the profit on consignment in the books of consignor?

Solution:
QUESTION: 25

X of Kolkata sends out goods costing Rs 3,00,000 to Y of Delhi. Goods are to be sold at cost + 331/3 %. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be:

Solution:
QUESTION: 26

If consignor draws a bill on consignee and discounted it with the banker the discounting charges will be debited in:

Solution:
QUESTION: 27

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 debtors. The amount of profit to be transferred to P/L as net commission by consignee will be:

Solution:

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