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Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹200000@cost 25%,with the instruction to sell it@invoice 20%.if 4/5th of goods are sold at stipulated selling price and commission allowable 2%on sales.what will be the profit on consignment in the books of consignor?
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Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹20...
**Profit on Consignment in the Books of Consignor**
To calculate the profit on consignment in the books of the consignor, we need to consider various factors such as the cost of goods, selling price, commission, and the quantity of goods sold.
Let's break down the steps to calculate the profit on consignment:
**1. Cost of Goods**
The cost of goods is given as ₹200,000 at a cost of 25%. This means the cost price of the goods is 25% of ₹200,000, which is ₹50,000.
**2. Selling Price**
The selling price is given as an invoice of 20%. This means the selling price of the goods is 20% of ₹200,000, which is ₹40,000.
**3. Quantity of Goods Sold**
It is mentioned that 4/5th of the goods are sold at the stipulated selling price. Therefore, the quantity of goods sold is 4/5th of ₹200,000, which is ₹160,000.
**4. Commission**
The commission allowable is 2% on sales. So, the commission on the sales of ₹160,000 would be 2% of ₹160,000, which is ₹3,200.
**5. Profit on Consignment**
To calculate the profit on consignment, we need to subtract the cost of goods and the commission from the sales.
Sales = Quantity of Goods Sold * Selling Price
Sales = ₹160,000 * ₹40,000
Sales = ₹6,400,000
Profit on Consignment = Sales - Cost of Goods - Commission
Profit on Consignment = ₹6,400,000 - ₹50,000 - ₹3,200
Profit on Consignment = ₹6,346,800
Therefore, the profit on consignment in the books of the consignor is ₹6,346,800.
To calculate the profit on consignment in the books of the consignor, we need to consider various factors such as the cost of goods, selling price, commission, and the quantity of goods sold.
Let's break down the steps to calculate the profit on consignment:
**1. Cost of Goods**
The cost of goods is given as ₹200,000 at a cost of 25%. This means the cost price of the goods is 25% of ₹200,000, which is ₹50,000.
**2. Selling Price**
The selling price is given as an invoice of 20%. This means the selling price of the goods is 20% of ₹200,000, which is ₹40,000.
**3. Quantity of Goods Sold**
It is mentioned that 4/5th of the goods are sold at the stipulated selling price. Therefore, the quantity of goods sold is 4/5th of ₹200,000, which is ₹160,000.
**4. Commission**
The commission allowable is 2% on sales. So, the commission on the sales of ₹160,000 would be 2% of ₹160,000, which is ₹3,200.
**5. Profit on Consignment**
To calculate the profit on consignment, we need to subtract the cost of goods and the commission from the sales.
Sales = Quantity of Goods Sold * Selling Price
Sales = ₹160,000 * ₹40,000
Sales = ₹6,400,000
Profit on Consignment = Sales - Cost of Goods - Commission
Profit on Consignment = ₹6,400,000 - ₹50,000 - ₹3,200
Profit on Consignment = ₹6,346,800
Therefore, the profit on consignment in the books of the consignor is ₹6,346,800.
Community Answer
Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹20...
A ) ₹ 86200 B ) ₹ 70000 C ) ₹75200 D ) ₹76800
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Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹200000@cost 25%,with the instruction to sell it@invoice 20%.if 4/5th of goods are sold at stipulated selling price and commission allowable 2%on sales.what will be the profit on consignment in the books of consignor?
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Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹200000@cost 25%,with the instruction to sell it@invoice 20%.if 4/5th of goods are sold at stipulated selling price and commission allowable 2%on sales.what will be the profit on consignment in the books of consignor? 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 Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹200000@cost 25%,with the instruction to sell it@invoice 20%.if 4/5th of goods are sold at stipulated selling price and commission allowable 2%on sales.what will be the profit on consignment in the books of consignor? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Dravid of delhi sends out goods to sourav of kolkata ,goods costing₹200000@cost 25%,with the instruction to sell it@invoice 20%.if 4/5th of goods are sold at stipulated selling price and commission allowable 2%on sales.what will be the profit on consignment in the books of consignor?.
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