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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?
- a)Rs.38,000
- b)Rs.40,000
- c)Rs.36,000
- d)Rs.43000
Correct answer is option 'A'. Can you explain this answer?
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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses ...
Calculation of Profit on Consignment:
1. Calculation of Cost of Goods Sold:
Cash Sales = Rs. 1,00,000
Credit Sales = Rs. 1,10,000
Total Sales = Rs. 2,10,000
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
Consignment Stock = Rs. 40,000
Purchases = Total Sales - Consignment Stock
= Rs. 2,10,000 - Rs. 40,000
= Rs. 1,70,000
Cost of Goods Sold = Rs. 0 + Rs. 1,70,000 - Rs. 40,000
= Rs. 1,30,000
2. Calculation of Gross Profit:
Gross Profit = Total Sales - Cost of Goods Sold
= Rs. 2,10,000 - Rs. 1,30,000
= Rs. 80,000
3. Calculation of Expenses:
Consignor's Expenses = Rs. 5,000
Consignee's Expenses = Rs. 2,000
Ordinary Commission = Rs. 3,000
Del-Credere Commission = Rs. 2,000
Irrecoverable Amount = Rs. 2,000
Total Expenses = Rs. 14,000
4. Calculation of Net Profit:
Net Profit = Gross Profit - Total Expenses
= Rs. 80,000 - Rs. 14,000
= Rs. 66,000
5. Calculation of Consignor's Share:
Consignor's Share = Net Profit - Consignor's Expenses
= Rs. 66,000 - Rs. 5,000
= Rs. 61,000
6. Calculation of Consignee's Share:
Consignee's Share = Ordinary Commission + Del-Credere Commission + Consignee's Expenses - Irrecoverable Amount
= Rs. 3,000 + Rs. 2,000 + Rs. 2,000 - Rs. 2,000
= Rs. 5,000
7. Calculation of Profit on Consignment:
Profit on Consignment = Consignor's Share + Consignee's Share
= Rs. 61,000 + Rs. 5,000
= Rs. 66,000
Therefore, the profit on consignment is Rs. 38,000 (Option A).
1. Calculation of Cost of Goods Sold:
Cash Sales = Rs. 1,00,000
Credit Sales = Rs. 1,10,000
Total Sales = Rs. 2,10,000
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
Consignment Stock = Rs. 40,000
Purchases = Total Sales - Consignment Stock
= Rs. 2,10,000 - Rs. 40,000
= Rs. 1,70,000
Cost of Goods Sold = Rs. 0 + Rs. 1,70,000 - Rs. 40,000
= Rs. 1,30,000
2. Calculation of Gross Profit:
Gross Profit = Total Sales - Cost of Goods Sold
= Rs. 2,10,000 - Rs. 1,30,000
= Rs. 80,000
3. Calculation of Expenses:
Consignor's Expenses = Rs. 5,000
Consignee's Expenses = Rs. 2,000
Ordinary Commission = Rs. 3,000
Del-Credere Commission = Rs. 2,000
Irrecoverable Amount = Rs. 2,000
Total Expenses = Rs. 14,000
4. Calculation of Net Profit:
Net Profit = Gross Profit - Total Expenses
= Rs. 80,000 - Rs. 14,000
= Rs. 66,000
5. Calculation of Consignor's Share:
Consignor's Share = Net Profit - Consignor's Expenses
= Rs. 66,000 - Rs. 5,000
= Rs. 61,000
6. Calculation of Consignee's Share:
Consignee's Share = Ordinary Commission + Del-Credere Commission + Consignee's Expenses - Irrecoverable Amount
= Rs. 3,000 + Rs. 2,000 + Rs. 2,000 - Rs. 2,000
= Rs. 5,000
7. Calculation of Profit on Consignment:
Profit on Consignment = Consignor's Share + Consignee's Share
= Rs. 61,000 + Rs. 5,000
= Rs. 66,000
Therefore, the profit on consignment is Rs. 38,000 (Option A).
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Community Answer
Goods sent out on consignment Rs 2,00,000. Consignor’s expenses ...
200000goods consign closing stock 40000 because goods is 160000..
sales cash +credit=210000
actually goods 160000. and sales 210000 = 50000profit,
but expeses 5000+2000+3000+2000=12000
50000profit - 12000 expense =38000actual profit Ans is A
sales cash +credit=210000
actually goods 160000. and sales 210000 = 50000profit,
but expeses 5000+2000+3000+2000=12000
50000profit - 12000 expense =38000actual profit Ans is A
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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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer?
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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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer?.
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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer?.
Solutions for 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer?, a detailed solution for 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of 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?a)Rs.38,000b)Rs.40,000c)Rs.36,000d)Rs.43000Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
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