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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?
- a)Rs.38,000
- b)Rs.40,000
- c)Rs.43,000
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses ...
Since 2000 are the bad debts and no del creditors commission is given then the journal entry will be-Consignment A/C ................Dr.2000 By consignment debtors A/c 2000
Items in Dr. Side of con. A/C: 200000(sent goods on consignment) ,5000 ,2000,and 3000 consignor exp. Consignee exp. And consignee commission, 2000(bad debts) Items in Cr. Side of con. A/C: 210000(Total sales) consignment closing stock 40000
Items in Dr. Side of con. A/C: 200000(sent goods on consignment) ,5000 ,2000,and 3000 consignor exp. Consignee exp. And consignee commission, 2000(bad debts) Items in Cr. Side of con. A/C: 210000(Total sales) consignment closing stock 40000
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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses ...
Calculation of Profit on Consignment:
Gross Sales:
- Cash Sales: Rs 1,00,000
- Credit Sales: Rs 1,10,000
Total Gross Sales: Rs 2,10,000
Expenses:
- Consignor's Expenses: Rs 5,000
- Consignee's Expenses: Rs 2,000
- Commission Payable to Consignee: Rs 3,000
Total Expenses: Rs 10,000
Irrecoverable Amount:
- Amount Irrecoverable from Customer: Rs 2,000
Net Sales:
Total Gross Sales - Irrecoverable Amount: Rs 2,10,000 - Rs 2,000 = Rs 2,08,000
Cost of Goods Sold:
- Goods Sent Out on Consignment: Rs 2,00,000
- Consignment Stock: Rs 40,000
Total Cost of Goods Sold: Rs 2,00,000 + Rs 40,000 = Rs 2,40,000
Profit on Consignment:
Net Sales - Cost of Goods Sold - Expenses: Rs 2,08,000 - Rs 2,40,000 - Rs 10,000 = Rs 38,000
Therefore, the profit on consignment is Rs.38,000.
Gross Sales:
- Cash Sales: Rs 1,00,000
- Credit Sales: Rs 1,10,000
Total Gross Sales: Rs 2,10,000
Expenses:
- Consignor's Expenses: Rs 5,000
- Consignee's Expenses: Rs 2,000
- Commission Payable to Consignee: Rs 3,000
Total Expenses: Rs 10,000
Irrecoverable Amount:
- Amount Irrecoverable from Customer: Rs 2,000
Net Sales:
Total Gross Sales - Irrecoverable Amount: Rs 2,10,000 - Rs 2,000 = Rs 2,08,000
Cost of Goods Sold:
- Goods Sent Out on Consignment: Rs 2,00,000
- Consignment Stock: Rs 40,000
Total Cost of Goods Sold: Rs 2,00,000 + Rs 40,000 = Rs 2,40,000
Profit on Consignment:
Net Sales - Cost of Goods Sold - Expenses: Rs 2,08,000 - Rs 2,40,000 - Rs 10,000 = Rs 38,000
Therefore, the profit on consignment is Rs.38,000.
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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect answer is option 'A'. Can you explain this answer?
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Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect 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 Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect 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 Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect answer is option 'A'. Can you explain this answer?.
Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect 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 Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect 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 Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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ample number of questions to practice Goods sent out on consignment Rs 2,00,000. Consignor’s expenses 5,000. Consignee’s expenses 2000. Cash sales Rs 1,00,000, credit sales Rs 1,10,000. Consignment stock Rs 40,000. Commission payable to consignee Rs 3,000. The amount irrecoverable from customer Rs 2,000. What will be the profit on consignment?a)Rs.38,000b)Rs.40,000c)Rs.43,000d)NoneCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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