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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:
- a)Rs.3083
- b)Rs.3000
- c)Rs.2500
- d)Rs.2000
Correct answer is option 'A'. Can you explain this answer?
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X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + ...
Calculation of Cost of Goods and Expenses:
- Cost of goods sent by X to Y = Rs. 100,000
- Cost at 25% = Rs. 25,000
- Total cost to Y = Rs. 125,000
- Consignor's expenses = Rs. 2,000
- Total cost for consignee = Rs. 127,000
Calculation of Sales and Commission:
- 3/5th of goods sold by Y = 3/5 x 100,000 = Rs. 60,000
- The remaining goods with Y = Rs. 40,000
- Gross sales of Y = Rs. 85,000
- Commission at 2% on sales = 2% x 85,000 = Rs. 1,700
- Net sales of Y after commission = Rs. 85,000 - Rs. 1,700 = Rs. 83,300
- 20% of gross sales less all commission exceeds invoice value:
20/100 x (85,000 - 1,700) > 100,000
17,060 > 100,000
Therefore, commission will be calculated on gross sales less commission, which is Rs. 83,300.
Calculation of Commission:
- Commission at 2% on sales = 2% x 83,300 = Rs. 1,666
- 20% of gross sales less commission = 20/100 x (83,300 - 1,666) = Rs. 15,527.20
- Exceeds invoice value of Rs. 100,000
- Commission will be calculated on Rs. 83,300
- Total commission = Rs. 1,666 + Rs. 1,417 = Rs. 3,083
Therefore, the correct answer is option 'A' - Rs. 3,083.
- Cost of goods sent by X to Y = Rs. 100,000
- Cost at 25% = Rs. 25,000
- Total cost to Y = Rs. 125,000
- Consignor's expenses = Rs. 2,000
- Total cost for consignee = Rs. 127,000
Calculation of Sales and Commission:
- 3/5th of goods sold by Y = 3/5 x 100,000 = Rs. 60,000
- The remaining goods with Y = Rs. 40,000
- Gross sales of Y = Rs. 85,000
- Commission at 2% on sales = 2% x 85,000 = Rs. 1,700
- Net sales of Y after commission = Rs. 85,000 - Rs. 1,700 = Rs. 83,300
- 20% of gross sales less all commission exceeds invoice value:
20/100 x (85,000 - 1,700) > 100,000
17,060 > 100,000
Therefore, commission will be calculated on gross sales less commission, which is Rs. 83,300.
Calculation of Commission:
- Commission at 2% on sales = 2% x 83,300 = Rs. 1,666
- 20% of gross sales less commission = 20/100 x (83,300 - 1,666) = Rs. 15,527.20
- Exceeds invoice value of Rs. 100,000
- Commission will be calculated on Rs. 83,300
- Total commission = Rs. 1,666 + Rs. 1,417 = Rs. 3,083
Therefore, the correct answer is option 'A' - Rs. 3,083.
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X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct answer is option 'A'. Can you explain this answer?
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X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct 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 X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct 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 X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct answer is option 'A'. Can you explain this answer?.
X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct 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 X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct 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 X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct answer is option 'A'. Can you explain this answer?.
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ample number of questions to practice X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Consignors 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:a)Rs.3083b)Rs.3000c)Rs.2500d)Rs.2000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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