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X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5th of the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:
- a)Rs. 3,083
- b)Rs. 3,000
- c)Rs. 2,500
- d)Rs. 2,000
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost +...
(X) would record the following accounting entries:
1. To record the consignment of goods:
Inventory (Consigned Goods) Dr. 1,00,000
To Consignment Account Cr. 1,00,000
2. To record the cost of goods sent:
Consignment Account Dr. 75,000 (1,00,000 x 75%)
To Inventory (Consigned Goods) Cr. 75,000
The Consignment Account is debited for the cost of goods sent (75% of the consignment value) and the Inventory (Consigned Goods) is credited for the same amount.
3. To record the expenses incurred on consignment:
Consignment Account Dr. Expense Amount
To Bank/Cash Account Cr. Expense Amount
The Consignment Account is debited for any expenses incurred on the consignment such as transportation, insurance, packaging, etc. and the Bank/Cash Account is credited for the same amount.
4. To record the sale of goods:
Y Account Dr. Sales Amount
To Consignment Account Cr. Sales Amount
When Y sells the goods, X would record the sale in the Consignment Account and credit it for the amount of the sale. Y would pay X the sales proceeds less any expenses incurred by Y.
1. To record the consignment of goods:
Inventory (Consigned Goods) Dr. 1,00,000
To Consignment Account Cr. 1,00,000
2. To record the cost of goods sent:
Consignment Account Dr. 75,000 (1,00,000 x 75%)
To Inventory (Consigned Goods) Cr. 75,000
The Consignment Account is debited for the cost of goods sent (75% of the consignment value) and the Inventory (Consigned Goods) is credited for the same amount.
3. To record the expenses incurred on consignment:
Consignment Account Dr. Expense Amount
To Bank/Cash Account Cr. Expense Amount
The Consignment Account is debited for any expenses incurred on the consignment such as transportation, insurance, packaging, etc. and the Bank/Cash Account is credited for the same amount.
4. To record the sale of goods:
Y Account Dr. Sales Amount
To Consignment Account Cr. Sales Amount
When Y sells the goods, X would record the sale in the Consignment Account and credit it for the amount of the sale. Y would pay X the sales proceeds less any expenses incurred by Y.
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X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct answer is option 'A'. Can you explain this answer?
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X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct 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 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct 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 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct answer is option 'A'. Can you explain this answer?.
X of Kolkata sends out goods costing 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct 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 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct 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 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct 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 1,00,000 to Y of Mumbai at cost + 25%. Consignor’s expenses Rs. 2,000. 3/5thof the goods were sold by consignee at 85,000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:a)Rs. 3,083b)Rs. 3,000c)Rs. 2,500d)Rs. 2,000Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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