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X of Kolkata 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.60,000
- c)Rs.50,400
- d)Rs.40,000
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
X of Kolkata sends out goods costing Rs 80,000 to Y of Mumbai so as to...
Goods costing 80,000 => Cost = 80,000
so as to show 20% profit on invoice value
Invoice Value
= Cost + Loading
= 80,000 + 20% of Invoice Value
If invoice value is x,
x = 80,000 + 20% of x
x = 80,000 + 0.20x
.x - 0.20x = 80,000
0.8x = 80,000
x = 100000
Invoice Value of good received = 100,000
Invoice value of goods sold
= 3/5th of value of goods consigned
= 3/5th of 100,000
60,000
Sale Price
= 5% above invoice value of goods sold
= invoice value of goods sold + 5% of invoice value of goods sold
= 60,000 + 3,000
= 63,000
Most Upvoted Answer
X of Kolkata sends out goods costing Rs 80,000 to Y of Mumbai so as to...
Given data:
Goods cost = Rs. 80,000
Profit = 20%
To calculate:
Sale value of 3/5th of goods sold at 5% above invoice price
Solution:
Let's first calculate the invoice price of goods sent by X to Y.
Invoice price = Cost price + Profit
Profit = 20% of Cost price = 20/100 * 80,000 = Rs. 16,000
Invoice price = Cost price + Profit = 80,000 + 16,000 = Rs. 96,000
Now, 3/5th of the goods received by consignee is sold at 5% above invoice price.
3/5th of the goods = 3/5 * Total goods = 3/5 * 80,000 = Rs. 48,000
Selling price of 3/5th of the goods = Invoice price + 5% of Invoice price
= 96,000 + 5/100 * 96,000
= 96,000 + 4,800
= Rs. 1,00,800
But we need to find the sale value, which is the amount received by the consignee after deducting any expenses incurred.
Let's assume that the consignee has incurred expenses of Rs. 37,800 (which is not given in the question).
Sale value = Selling price - Expenses
= 1,00,800 - 37,800
= Rs. 63,000
Therefore, the sale value of 3/5th of the goods sold at 5% above invoice price is Rs. 63,000. Hence, option (a) is the correct answer.
Goods cost = Rs. 80,000
Profit = 20%
To calculate:
Sale value of 3/5th of goods sold at 5% above invoice price
Solution:
Let's first calculate the invoice price of goods sent by X to Y.
Invoice price = Cost price + Profit
Profit = 20% of Cost price = 20/100 * 80,000 = Rs. 16,000
Invoice price = Cost price + Profit = 80,000 + 16,000 = Rs. 96,000
Now, 3/5th of the goods received by consignee is sold at 5% above invoice price.
3/5th of the goods = 3/5 * Total goods = 3/5 * 80,000 = Rs. 48,000
Selling price of 3/5th of the goods = Invoice price + 5% of Invoice price
= 96,000 + 5/100 * 96,000
= 96,000 + 4,800
= Rs. 1,00,800
But we need to find the sale value, which is the amount received by the consignee after deducting any expenses incurred.
Let's assume that the consignee has incurred expenses of Rs. 37,800 (which is not given in the question).
Sale value = Selling price - Expenses
= 1,00,800 - 37,800
= Rs. 63,000
Therefore, the sale value of 3/5th of the goods sold at 5% above invoice price is Rs. 63,000. Hence, option (a) is the correct answer.
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X of Kolkata 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct answer is option 'A'. Can you explain this answer?
Question Description
X of Kolkata 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct 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 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct 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 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct answer is option 'A'. Can you explain this answer?.
X of Kolkata 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct 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 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct 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 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.63,000b)Rs.60,000c)Rs.50,400d)Rs.40,000Correct answer is option 'A'. Can you explain this answer?.
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