CONSIGNMENTCH :7 UNIT -1 of ICAI Book    Pages 7.24 to Pages 7.32 .Q.2        Value of Consignment Stock :            Tota...
CONSIGNMENTQ.12       Value of Consignment Stock :           Total Cost of Consignor = (4,000 x 200) + (2,000)            ...
CONSIGNMENT                                                                  OR       2) (Total Invoice Price - Total Cost...
CONSIGNMENT           Other Important MCQsQ . Nos.   11 ,17, 21 , 28 ,29 ,33, 37, 38, 43, 47, 48, 49,62, 63 , 66          ...
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Cpt accounts-consignment revision sheet and imp mc qs

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Cpt accounts-consignment revision sheet and imp mc qs

  1. 1. CONSIGNMENTCH :7 UNIT -1 of ICAI Book Pages 7.24 to Pages 7.32 .Q.2 Value of Consignment Stock : Total Cost of Goods Consigned =2,000 x 100 2,00,000 Add Consignors expenses 5000 Total Cost of Goods Consigned boxes 2000 2,05,000 Less Normal Loss 200 Total goods received by the Consignee (a) 1800 Less Goods Sold by Consignee 1200 Consignment Stock (b) 600Value of Consignment Stock = Total Cost of Goods Consigned x Consignment Stock / Total Goods received by the ConsigneeValue of Consignment Stock = 2,05,000 x 6,00 / 1,800 = 68,333 .Option (a) Ans : 68,333Q.8 Total CommissionIMP. Total Cost 1,00,000 Cost of Goods sold(3/5 of 1,00,000) C.P 60,000 Sales Value S.P 70,000 Profit =(S.P-C.P) (70,000-60,000) 10,000 Let the Total Commission be " x " Fixed Commission = 2 % of 70,000 1,400 Variable Commission = 20 % of (Profit - Total Commission) 20%(10,000- x ) = 2000 - .20 x Equation -I Variable Commission = Total Commission - Fixed Commission. x-1,400 Equation -I I Hence from equation I & I I, we get x - 1,400 = 2,000 - .20x 1.20 x = 3400 Therefore x = 3400/ 1.20 = 2,833 Total Commission = 2,833 . Option (a) VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
  2. 2. CONSIGNMENTQ.12 Value of Consignment Stock : Total Cost of Consignor = (4,000 x 200) + (2,000) 82,000 Add Non-Recurring expenses of the Consignee (i.e Non- Selling ) 2,000 Total Cost 84,000 Value of Consignment Stock : Total Cost x Consignment Stock / Total Goods sent on Consignment 84,000 x 100 / 400 (Option- d ) 21,000Q.15 Value of Consignment Stock : Invoice Cost Price Price Total Cost of Consignor = (500 x 500) + (4,000) (at Invoice Price ) 2,54,000 Total Cost of Consignor = (500 x 400) + (4,000) (at Cost Price ) 2,04,000 Add Non-Recurring expenses of the Consignee (i.e Non-Selling ) 1,000 1,000 Total Cost 2,55,000 2,05,000 Value of Consignment Stock :(at Invoice Price) Total Cost(at I.P) x Consignment Stock / Total Goods sent on Consignment 2,55,000 x 100 / 500 (Option- d ) 51,000 Additional Other question that can also be asked and answered from the same example : Value of Consignment Stock :(at Cost Price) Total Cost(at Cost) x Consignment Stock / Total Goods sent on Consignment 2,05,000 x 100 / 500 41,000 Amount of Stock Reserve 1) Value of Consignment Stock(at I.P)- Value of Consignment Stock at C.P 51,000- 41,000 10,000 VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
  3. 3. CONSIGNMENT OR 2) (Total Invoice Price - Total Cost) x Consignment Stock / Total Goods received by the Consignee 2,50,000-2,00,000) x 100 / 5000 10,000Q.24 Total Commission Invoice Price on Goods Sold (2,00,000 x 4) / 5 1,60,000 Commission upto Invoice Price @2% = 1,60,000 x 2 % 3200 Commission in excess of Invoice Price @ 10 % = (1,76,000 - 1,60,000) x 10% 1600 Total Commission 4,800 Option (a) 4,800Q.32 Total Commission payable "B" Invoice Value of Goods Sent =(12,500 /10%) 1,25,000 75% of Invoice Value (75% of 1,25,000 ) 93,750 Total Sales 1,00,000 Excess of Sales over Invoice Price (1,00,000-93750) 6,250 Normal Commission 10% on sales = 10% of 1,00,000 10000 Additional Commission 25% on surplus above Invoice Price(i.e 25% of 6250) 1562.5 Total Commission (option -a) 11,562.50Q.44 Profit on Consignment To Goods sent on Consignment a/c. 2,00,000 By Consignee (Sales) 2,10,000 To Cash/Bank(Consignor Exp,) 5,000 By Consignment Stock 40,000 To Consignee (Exps./Comm.) (2,000+3,000+2,000) 7,000 To Gen. P&L a/c (Profit on Consignment) 38,000 (2,54,000-2,00,00-5,000-7,000) 2,54,000 2,54,000 VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
  4. 4. CONSIGNMENT Other Important MCQsQ . Nos. 11 ,17, 21 , 28 ,29 ,33, 37, 38, 43, 47, 48, 49,62, 63 , 66 Question Set II -----------Match the Column . VXplain 2 Score More - Post your Doubts to us at vxplain@gmail.com
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