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Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit?
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Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta ...
Calculation of Consignment Profit:
Step 1: Calculate the Total Cost of Consignment
Total Cost of Consignment = Cost of Radio Sets + Carriage + Insurance + Freight
= 900 x 1000 + 650 + 3250 + 7000
= 9,06,900
Step 2: Calculate the Cost of Unsold Radio Sets
Cost of Unsold Radio Sets = Total Cost of Consignment - Value of Consignment Stock
= 9,06,900 - 1,84,391
= 7,22,509
Step 3: Calculate the Total Revenue from Sales
Total Revenue from Sales = Selling Price x Quantity Sold
= 9,00,000 + (9,00,000 x 6/100)
= 9,54,000
Step 4: Calculate the Gross Profit
Gross Profit = Total Revenue from Sales - Cost of Goods Sold
= 9,54,000 - (750 x 900)
= 2,67,000
Step 5: Calculate the Consignment Profit
Consignment Profit = Gross Profit - Expenses
= 2,67,000 - (650 + 3250 + 7000 + 35000)
= - 13,650 (Negative Profit)
Explanation:
Consignment Profit is the profit earned by the consignor after deducting all the expenses incurred in sending the goods to the consignee and selling them. In this case, Miss Rakhi sent 1,000 radio sets to Miss Geeta on consignment basis. The cost of these radio sets was Rs. 900 per set. The consignment also incurred additional expenses such as carriage, insurance, and freight.
Miss Geeta received 950 radio sets out of which 750 were sold for Rs. 9 lacs. The agent commission was 6% on sales. The insurance company also admitted a claim of Rs. 35,000. The value of the unsold radio sets was Rs. 1,84,391.
Using the above steps, we calculated the total cost of the consignment, cost of unsold radio sets, total revenue from sales, gross profit, and consignment profit. The final result was a negative profit of Rs. 13,650, which means that Miss Rakhi incurred losses on this consignment.
Step 1: Calculate the Total Cost of Consignment
Total Cost of Consignment = Cost of Radio Sets + Carriage + Insurance + Freight
= 900 x 1000 + 650 + 3250 + 7000
= 9,06,900
Step 2: Calculate the Cost of Unsold Radio Sets
Cost of Unsold Radio Sets = Total Cost of Consignment - Value of Consignment Stock
= 9,06,900 - 1,84,391
= 7,22,509
Step 3: Calculate the Total Revenue from Sales
Total Revenue from Sales = Selling Price x Quantity Sold
= 9,00,000 + (9,00,000 x 6/100)
= 9,54,000
Step 4: Calculate the Gross Profit
Gross Profit = Total Revenue from Sales - Cost of Goods Sold
= 9,54,000 - (750 x 900)
= 2,67,000
Step 5: Calculate the Consignment Profit
Consignment Profit = Gross Profit - Expenses
= 2,67,000 - (650 + 3250 + 7000 + 35000)
= - 13,650 (Negative Profit)
Explanation:
Consignment Profit is the profit earned by the consignor after deducting all the expenses incurred in sending the goods to the consignee and selling them. In this case, Miss Rakhi sent 1,000 radio sets to Miss Geeta on consignment basis. The cost of these radio sets was Rs. 900 per set. The consignment also incurred additional expenses such as carriage, insurance, and freight.
Miss Geeta received 950 radio sets out of which 750 were sold for Rs. 9 lacs. The agent commission was 6% on sales. The insurance company also admitted a claim of Rs. 35,000. The value of the unsold radio sets was Rs. 1,84,391.
Using the above steps, we calculated the total cost of the consignment, cost of unsold radio sets, total revenue from sales, gross profit, and consignment profit. The final result was a negative profit of Rs. 13,650, which means that Miss Rakhi incurred losses on this consignment.
Community Answer
Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta ...
152036 is the profit
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Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit?
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Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit? 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 Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit?.
Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit? 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 Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Miss rakhi consigned 1,000 radio sets costing 900 years to miss Geeta agent on 1st July 2009 are expenses where carriage 650 insurance 3250 fright 7000 MS Geeta received a delivery of 950 radio sets of which 750 wear sold for rupees 9 lacs agent commission 6 percentage on sales insurance company admitted a claim of rupees 35000 consignment stock is valued at 184391. What is consignment profit?.
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