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Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission?
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Company sends 3,000 bales of cotton to its consignee Modi G at a profi...
Calculation of Commission:
Given:
- Quantity of bales sent = 3,000
- Profit on I.P. = 25%
- Cost price per bale = `1,500
- Commission on invoice price = 10%
- Commission on amount realized above invoice price = 20%
- Del-credere commission = 3%
- Quantity of bales sold = 1,800
- Selling price per bale = 30% above invoice price
Step 1: Calculate the Invoice Price (I.P.)
The company sells the bales at a profit of 25% on I.P.
Let's assume the I.P. per bale = X
Profit on I.P. = 25%
Profit = 25% of X
Profit = 0.25X
Selling price per bale = I.P. + Profit
Selling price per bale = X + 0.25X
Selling price per bale = 1.25X
But it is given that the cost price per bale to the company is `1,500.
Therefore,
1.25X = `1,500
X = `1,500 / 1.25
X = `1,200
So, the Invoice Price per bale is `1,200.
Step 2: Calculate the Commission on Invoice Price
Commission on invoice price = 10% of I.P.
Commission on invoice price = 10% of `1,200
Commission on invoice price = 0.1 * `1,200
Commission on invoice price = `120
Step 3: Calculate the Amount Realized Above Invoice Price
The selling price per bale is 30% above the invoice price.
Let's assume the selling price per bale = Y
Selling price per bale = Invoice price + 30% of Invoice price
Y = `1,200 + 0.3 * `1,200
Y = `1,200 + `360
Y = `1,560
Amount realized above invoice price = Selling price - Invoice price
Amount realized above invoice price = Y - `1,200
Amount realized above invoice price = `1,560 - `1,200
Amount realized above invoice price = `360
Step 4: Calculate the Commission on Amount Realized Above Invoice Price
Commission on amount realized above invoice price = 20% of Amount realized above invoice price
Commission on amount realized above invoice price = 20% of `360
Commission on amount realized above invoice price = 0.2 * `360
Commission on amount realized above invoice price = `72
Step 5: Calculate the Del-Credere Commission
Del-credere commission = 3% of Invoice price
Del-credere commission = 3% of `1,200
Del-credere commission = 0.03 * `1,200
Del-credere commission = `36
Step 6: Calculate the Total Commission
Total commission = Commission on invoice price + Commission on amount realized above invoice price + Del-credere commission
Total commission = `120 + `72 + `36
Total commission = `228
Commission Calculation Summary:
- Commission
Given:
- Quantity of bales sent = 3,000
- Profit on I.P. = 25%
- Cost price per bale = `1,500
- Commission on invoice price = 10%
- Commission on amount realized above invoice price = 20%
- Del-credere commission = 3%
- Quantity of bales sold = 1,800
- Selling price per bale = 30% above invoice price
Step 1: Calculate the Invoice Price (I.P.)
The company sells the bales at a profit of 25% on I.P.
Let's assume the I.P. per bale = X
Profit on I.P. = 25%
Profit = 25% of X
Profit = 0.25X
Selling price per bale = I.P. + Profit
Selling price per bale = X + 0.25X
Selling price per bale = 1.25X
But it is given that the cost price per bale to the company is `1,500.
Therefore,
1.25X = `1,500
X = `1,500 / 1.25
X = `1,200
So, the Invoice Price per bale is `1,200.
Step 2: Calculate the Commission on Invoice Price
Commission on invoice price = 10% of I.P.
Commission on invoice price = 10% of `1,200
Commission on invoice price = 0.1 * `1,200
Commission on invoice price = `120
Step 3: Calculate the Amount Realized Above Invoice Price
The selling price per bale is 30% above the invoice price.
Let's assume the selling price per bale = Y
Selling price per bale = Invoice price + 30% of Invoice price
Y = `1,200 + 0.3 * `1,200
Y = `1,200 + `360
Y = `1,560
Amount realized above invoice price = Selling price - Invoice price
Amount realized above invoice price = Y - `1,200
Amount realized above invoice price = `1,560 - `1,200
Amount realized above invoice price = `360
Step 4: Calculate the Commission on Amount Realized Above Invoice Price
Commission on amount realized above invoice price = 20% of Amount realized above invoice price
Commission on amount realized above invoice price = 20% of `360
Commission on amount realized above invoice price = 0.2 * `360
Commission on amount realized above invoice price = `72
Step 5: Calculate the Del-Credere Commission
Del-credere commission = 3% of Invoice price
Del-credere commission = 3% of `1,200
Del-credere commission = 0.03 * `1,200
Del-credere commission = `36
Step 6: Calculate the Total Commission
Total commission = Commission on invoice price + Commission on amount realized above invoice price + Del-credere commission
Total commission = `120 + `72 + `36
Total commission = `228
Commission Calculation Summary:
- Commission
Community Answer
Company sends 3,000 bales of cotton to its consignee Modi G at a profi...
Calculation of Commission:
Step 1: Calculation of Cost Price of 1 Bale:
Given that the company sells each bale at a profit of 25% on I.P. and the cost price of each bale to the company is `1,500, we can calculate the invoice price (I.P.) as follows:
Profit on I.P. = 25%
Cost Price (C.P.) = `1,500
I.P. = C.P. + Profit on I.P.
I.P. = `1,500 + (25/100) * `1,500
I.P. = `1,500 + `375
I.P. = `1,875
Step 2: Calculation of Commission on Invoice Price (I.P.):
Modi G is entitled to a commission of 10% on the invoice price. Therefore, the commission on the I.P. for 1,800 bales can be calculated as follows:
Commission on I.P. = 10% of I.P.
Commission on I.P. = (10/100) * I.P.
Commission on I.P. = (10/100) * `1,875
Commission on I.P. = `187.50
Step 3: Calculation of Commission on Amount Realized above Invoice Price:
Modi G is entitled to a commission of 20% on the amount realized above the invoice price. Given that 1,800 bales were sold at 30% above the invoice price, we can calculate the commission on the amount realized above the I.P. as follows:
Amount Realized = I.P. + (30/100) * I.P.
Amount Realized = `1,875 + (30/100) * `1,875
Amount Realized = `1,875 + `562.50
Amount Realized = `2,437.50
Commission on Amount Realized = 20% of (Amount Realized - I.P.)
Commission on Amount Realized = (20/100) * (`2,437.50 - `1,875)
Commission on Amount Realized = (20/100) * `562.50
Commission on Amount Realized = `112.50
Step 4: Calculation of Del-credere Commission:
Modi G is entitled to a del-credere commission of 3% on the amount realized. Therefore, the del-credere commission can be calculated as follows:
Del-credere Commission = 3% of Amount Realized
Del-credere Commission = (3/100) * `2,437.50
Del-credere Commission = `73.13
Total Commission:
The total commission earned by Modi G can be calculated by adding the commissions on the invoice price, amount realized above the invoice price, and the del-credere commission:
Total Commission = Commission on I.P. + Commission on Amount Realized + Del-credere Commission
Total Commission = `187.50 + `112.50 + `73.13
Total Commission = `373.13
Therefore, Modi G's commission for selling 1,800 bales at 30% above the invoice
Step 1: Calculation of Cost Price of 1 Bale:
Given that the company sells each bale at a profit of 25% on I.P. and the cost price of each bale to the company is `1,500, we can calculate the invoice price (I.P.) as follows:
Profit on I.P. = 25%
Cost Price (C.P.) = `1,500
I.P. = C.P. + Profit on I.P.
I.P. = `1,500 + (25/100) * `1,500
I.P. = `1,500 + `375
I.P. = `1,875
Step 2: Calculation of Commission on Invoice Price (I.P.):
Modi G is entitled to a commission of 10% on the invoice price. Therefore, the commission on the I.P. for 1,800 bales can be calculated as follows:
Commission on I.P. = 10% of I.P.
Commission on I.P. = (10/100) * I.P.
Commission on I.P. = (10/100) * `1,875
Commission on I.P. = `187.50
Step 3: Calculation of Commission on Amount Realized above Invoice Price:
Modi G is entitled to a commission of 20% on the amount realized above the invoice price. Given that 1,800 bales were sold at 30% above the invoice price, we can calculate the commission on the amount realized above the I.P. as follows:
Amount Realized = I.P. + (30/100) * I.P.
Amount Realized = `1,875 + (30/100) * `1,875
Amount Realized = `1,875 + `562.50
Amount Realized = `2,437.50
Commission on Amount Realized = 20% of (Amount Realized - I.P.)
Commission on Amount Realized = (20/100) * (`2,437.50 - `1,875)
Commission on Amount Realized = (20/100) * `562.50
Commission on Amount Realized = `112.50
Step 4: Calculation of Del-credere Commission:
Modi G is entitled to a del-credere commission of 3% on the amount realized. Therefore, the del-credere commission can be calculated as follows:
Del-credere Commission = 3% of Amount Realized
Del-credere Commission = (3/100) * `2,437.50
Del-credere Commission = `73.13
Total Commission:
The total commission earned by Modi G can be calculated by adding the commissions on the invoice price, amount realized above the invoice price, and the del-credere commission:
Total Commission = Commission on I.P. + Commission on Amount Realized + Del-credere Commission
Total Commission = `187.50 + `112.50 + `73.13
Total Commission = `373.13
Therefore, Modi G's commission for selling 1,800 bales at 30% above the invoice
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Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission?
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Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? 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 Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission?.
Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? 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 Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission?.
Solutions for Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? in English & in Hindi are available as part of our courses for CA Foundation.
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Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission?, a detailed solution for Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? has been provided alongside types of Company sends 3,000 bales of cotton to its consignee Modi G at a profit of 25% on I.P. The cost price of each bale to the company is `1,500.Modiii G was entitled to a commission of 10% on invoice price and 20% of the amount realised above the invoice price and also 3% del-credere commission. Modi G informed the consignor that 1,800 bales were sold at 30% above Invoice price. Calculate commission? theory, EduRev gives you an
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