X sends out goods costing Rs 80,000 to Y of Mumbai so as to show 20% profit on invoice value, 3/5th of the goods received by consignee is sold at 5% above invoice price The amount of sale value will be A- Rs. 63,000 B- Rs. 60,480 C- Rs. 1,05,000 D- Rs. 1,00,000?Answer is A

Question

Answer

Calculation of Invoice Value

To calculate the invoice value, we need to add the profit percentage to the cost price of the goods. Here, the cost price of the goods is Rs 80,000 and the profit percentage is 20%. Therefore,

Profit = 20% of Rs 80,000 = Rs 16,000
Invoice Value = Cost Price + Profit = Rs 80,000 + Rs 16,000 = Rs 96,000

Calculation of Sale Value

Out of the goods received by the consignee, 3/5th is sold at 5% above the invoice price. Let's calculate the quantity of goods sold first.

Quantity of goods sold = 3/5th of total goods received
= 3/5 x Total value of goods received / Cost price per unit
= 3/5 x (Invoice value / Cost price per unit) [Since total value = Invoice value]
= 3/5 x (96000 / Cost price per unit)

Now, let's calculate the cost price per unit. Since we do not know the number of units, we will assume it to be 1 for simplicity.

Cost price per unit = Cost price / Total units
= 80,000 / Total units

Now, let's substitute this value in the above equation.

Quantity of goods sold = 3/5 x (96000 / 80000)

Quantity of goods sold = 3/5 x 1.2

Quantity of goods sold = 0.72

So, 0.72 units of goods were sold at 5% above the invoice price. Therefore,

Sale Value = Quantity of goods sold x Invoice price x (1 + 5/100)
= 0.72 x 96000 x 1.05
= Rs. 63,504

Hence, the answer is A- Rs. 63,000.

Answer

Cost of goods sent on consignment at invoice price = 80,000+(80,000×25%)=1,00,000 [20% on i.e 1/5 on invoice means 1/4 on cost = 25%]
Goods received value = 1,00,000×3/5=60,000
Goods sold value =60,000+5%= 63,000

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