Practice Test


1) P of Delhi sends out 100 boxes of toothpaste costing Rs.200 each. Each boxes consists of 12 packets .60 boxes were sold by consignee at Rs.20 per packet . Amount of Sales value will be:


2) X of Kolkata sends out 2000 boxes to Y of Delhi costing Rs.100 each . Consignor's expenses Rs.5,000.1/10th of boxes were lost in consignee's godown and treated as normal loss. 1,200 boxes were sold by consignee. The value of consignment stock will be


3) Goods costings Rs.2,00,000 sent out to consignee at cost + 25%.Invoice value of the goods will be :


4) Goods costings Rs.1,80,000 sent out to consignee to show a profit of 20% on Invoice price of the goods will be :


5) Goods of the Invoice value Rs.2,40,000 sent out to consignee at 20% profit on cost .The loading amount will be :


6) X of Kolkata sends out certain goods to Y of Delhi 1/10th of the goods were lost in transit , invoice value of the goods lost Rs.12,500 . invoice value of goods sent out on consignment will be


7) Rabin consigned goods for the value of Rs.8,250 to Raj of Kanpur paid freight etc.of Rs. 650 and insurance Rs.400.Drew a bill on Raj at 3 mts after date for Rs.3,000 as an advance against consignment , and discounted the bill for Rs.2,960.Received Account Sales from Raj showing that part of the goods had realized gross Rs.8,350 and that his expenses and commission amounted to rs 870. The stock unsold was valued at Rs 2,750.Consignee wants to remit a draft for the amount of draft will be ;


8) X of Kolkata sends out goods costings Rs.1,00,000 to Y of Delhi 3/5 the of the goods were sold by consignee for Rs.70,000 . Commission 2% on Sales plus 20% of gross Sales less all commission exceeds cost price .The amount commission will be:


9) X of Kolkata sends out 1,000 bags to Y of Delhi costings Rs.200 each. Consignor's expenses Rs.2,000.Y's expenses non-selling Rs.1,000 , selling Rs.2,000.100 bags were lost in transit. Value of lost in transit will be:


10) X of Kolkata sends out 1,000 bags to Y of Delhi costings Rs.2000 each.600 bags were sold at 10% above cost price. Sale value will be


11) Which of the following is not true:


12) X of Kolkata sends out 400 bags to Y of Delhi costings Rs.200 each. Consignor's expenses Rs.2,000.Y's expenses non-selling Rs.2,000 , selling Rs.1,000.300 bags were sold by Y .The Value of consignment stock will be :


13) X of Kolkata sends out 2000 boxes costings 100 each with the instructions that Sales are to be made at cost + 45%. X draws a bill on y for an amount equivalent to 60% of Sales values. The amount of bill will be


14) Which of the following is wrong


15) X of Kolkata sends out 500 bags to Y of Delhi costings Rs.400 each at a invoice price of Rs.500 each. Consignor's account expenses Rs.4,000.Y's expenses non-selling Rs.1,000 , selling Rs.2,000.400 bags were sold. The amount of consignment stock at invoice price will be


16) X of Kolkata sends out 500 bags to Y of Delhi costings Rs.400 each at a invoice price of Rs.500 each. Consignor's account expenses Rs.4,000.Y's expenses non-selling Rs.1,000 , selling Rs.2,000.400 bags were sold .The amount of stock reserve will be


17) Commission will be shared between


18) X of Kolkata sends out certain goods to Y at cost + 25% .1/2 of the goods received by Y is sold at Rs. 1,76,000 at 10% above IP .Invoice value of goods send out is


19) X of Kolkata sends out goods costing Rs.3,00,000 to Y of Delhi at cost + 25% .Consignor's expenses Rs.5,000. 1/10th of the goods were lost in transit ,Insurance claim received Rs.3,000.The net loss on account of abnormal loss is


20) R of Kolkata sends out 1,00 boxes to R of Delhi costings Rs.100 each at a invoice price of Rs.120 each. Goods send out on consignment to be credited in general trading will be


21) In the books of consignor , the profit of consignment will be transferred to :


22) R of Kolkata sends out Rs.1,000 boxes to Y of Delhi , costing Rs.200 each 1/10th of the boxes were lost in transit, 2/3 of the boxes received by consignee is sold at cost + 25% .The amount of Sale value will be


23) R of Kolkata sends out goods of Rs.80,000 to Y of Delhi so as to show 20% profit on invoice value. costing Rs.200 each 3/5th of the goods received by consignee is sold at 5% above IP .The amount of Sale value will be


24) X of Kolkata sends out certain goods to Y at cost + 25% .Invoice value of goods sends out Rs.2,00,000. 4/5th of the goods were sold by consignee at Rs. 1,76,000 .Commission 2% upto invoice value and 10% of any surplus above invoice value .The amount of commission be


25) X of Kolkata sends out goods costing Rs.1,00,000 to Y of Delhi at 20% profit on IP . 1/10th of the goods were lost in transit 1/2 of the balance goods were sold .The amount of stock reserve on consignment stock will be


26) C of Bangalore consigned goods costings Rs.3,000 to his agent at Delhi .Freight and insurance paid by consignor Rs.100.consignee expenses Rs 200 .4/5th of the goods were sold for Rs 3,000.commission 2% on Sales .Consignee want to settle the balance with the help of a bank draft. the amount of draft will be


27) Out of the following at which point the treatment of 'Sales' and 'consignment' is same


28) If del-creder's commission is allowed ,bad debt consignee will debit the bad debt amount to


29) A proforma invoice is sent by


30) Which of the following is correct


31) 1,000 kg of apple are consigned to a wholeseller,the cost being Rs.3 per kg plus Rs.400 of freight it is known that a loss of 15% is unavoidable .the cost per kg will be


32) R of Kolkata sold goods to B , the goods are to be sold at 125% of cost which is invoice price .commission 10% on Sales at IP of any surplus realized above IP.10% of the goods sent out on consignment ,invoice value of which is Rs.12,500 were destroyed 75% of the total consignment is sold by B at Rs.1,00,000 . What will be the amt of commission payable to B


33) Consignment account is prepared in the books of


34) Goods sent on consignment invoice value Rs. 2,00,000 at cost + 33 1/3 % 1/5 the of the goods were lost in transit .Insurance claim received Rs.10,000.The amount of abnormal loss to be transferred to General P/L


35) Consignment stock will be recorded in the balance sheet of consignor on asset side at


36) Which of the following expenses of consignee will be considered as non -selling expenses


37) The consignment accounting is made on the following basis


38) Goods sent on consignment Rs.7,60,000.opening consignment stock Rs.48,000.Cash Sales Rs.7,00,000.Consignor's expenses Rs.20,000. consignee expenses Rs.12,000.Commission Rs.20,000.Closing consignment stock Rs.3,00,000.The profit on consignment is:


39) X of Kolkata sends out 100 bags to Y of Delhi costings Rs.100 each. Consignor's expenses Rs.1,000.Y's expenses selling Rs.500 .3/5th of the goods were sold by consignee, 1/2 of the balanced goods were lost in ,consignees godown due to fire . The value of abnormal loss will be


40) which of the following item is not credited to consignment account


41) K of Kolkata sends out 1,000 boxes to D of Delhi , costing Rs.2000 each 1/10th of the boxes were lost in transit, 2/3 of the boxes received by consignee is sold at cost + 25% .The amount of Sale value will be


42) Goods sent on consignment Rs.2,00,000.Cash Sales Rs.1,00,000.Consignor's expenses Rs.5,000. consignee expenses Rs.2,000. credit Sales Rs.1,50,000.Commission payable to consignee Rs.3,000.Del =credere commission Rs.2,000 .The amount irrecoverable from customer Rs.2,000 .What will be the profit on consignment


43) X of Kolkata sends out 1,000 boxes to Y of Delhi costing Rs.20 each . Consignor's expenses Rs.2,000.4/5th of boxes were boxes were sold at Rs.25 each. The profit on consignment will be


44) If Del-creder's commission is allowed by consignor to consignee the bad debt treatment will be (in the books of consignor )


45) The owner of the consignment stock is


46) The nature of consignment account is


47) Goods sent on consignment at cost + 33 1/3 % .The percentage of loading on invoice price will be


48) X of Kolkata sent goods of the invoice value Rs. 2,00,000 to Y of Delhi at cost + 25% .The amount of loading will be


49) The balance of goods sent out on consignment will be transferred to:


50) X of Kolkata purchased 1,000 boxes costing Rs.100 each . 200 boxes were sent out to y at cost + 25 % . 600 boxes were sold at 120 each . The amount of gross profit to be recorded in general trading will be


51) In the books of consignee , the profit of consignment will be transferred to :


52) R of Kolkata sends out goods of Rs.45,000 to Y of Delhi at cost + 33 1/3 % .1/10 the of the goods were lost in transit . 2/3 rd were sold at 20 % above IP.the amount of Sale value will be


53) R of Kolkata sends out goods of Rs.45,000 to Y of Delhi at cost + 33 1/3 % .1/10 the of the goods were lost in transit . 2/3 rd were sold at 20 % above IP. 1/2 of the Sale are on credit.The amount of credit Sale will be


54) X of Kolkata sends out goods so as to show a profit of 20% p on IP . 1/10th of the goods were lost in transit. The cost price of goods lost is Rs.20,000. the invoice value of goods sent out is


55) R of Kolkata sends out goods of Rs..2,00,000. to k of Delhi .Consignor's expenses Rs.5,000. consignee expenses Rs.2,000. .4/5 the of the goods were sold at 20 % above cost .What will be the profit on consignment


56) Overriding commission is a commission payable to consignee by consignor for


57) K of Kolkata sends out Rs.500 boxes to D of Delhi costing Rs.200 each Consignor's expenses Rs.5,000 . 1/5th of the boxes were still in transit, 3/4 the of the boxes received by consignee is sold .The amount of goods still in transit will be


58) Consignment account is


59) In the books of consigner, the loss on consignment business will be charged to


60) G of Kolkata sends out goods of Rs.2,00,000 to Y of Delhi at cost + 25 % , with the instructions to sell it at a cost + 50% .If 4/5 the of the 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?


61) R of Kolkata sends out goods of Rs.3,00,000 to Y of Delhi at cost + 33 1/3 % .The consigner asked consignee to pay an advance for an amount equivalent to 60% of the Sales value The. amount of advance will be


62) If consignor draws a bill on consignee and discounted it with the banker the discounting charges will be debited in


63) G of Kolkata sends out goods of Rs.3,00,000 to Y of Delhi Commission agreement 2% on Sales + 3% Del -credere commission . the entire goods is sold by consignee for Rs.4 lacs.However , consignees able to recover Rs.3,95,000 from the debtors .the amount of profit to be transferred to P/L as net commission by consignee will be:


64) MATCH THE PAIRS :- the relationship between consignor and consignee is;


65) Entire profit on consignment business belongs to


66) Accounts Sales


67) Del-credere commission


68) M and N enter into a joint venture where M supplies goods worth Rs.6,000 and spends Rs.100 on various expenses . N sells the entire lot for Rs.7,500 meeting selling expenses amounting to Rs.200.Profit sharing ratio equal .n remits to m the amount due .the amount of remittance will be`


69) A purchased goods costing Rs.42,500 .B sold goods costings Rs.40,000 at Rs.50,000.Balance goods were taken over by A at same gross profit percentage as in case of Sale. The amount of goods taken over will be


70) Which of the following is true ?


71) The relationship between the consignor & the consignee is that of


72) in the consignment the goods are dispatched on the basis that the goods will be sold on the behalf of ,at the expenses & the risk of


73) with reference to consignment which of the following is correct


74) with reference to consignment which of the following is correct


75) with reference to consignment which of the following is correct


76) consignee sends to consignor


77) consignor sends to consignee


78) over riding commission is allowed


79) del-credere commission is allowed


80) The commission received from consignor will be transferred to which account


81) commission belongs to


82) the commission allowed by consignor to the consignee to bear the bad debts on account of credit sales


83) unless otherwise agreed.Del-creder & over-riding commission are allowed on


84) if del-credere commission is allowed for bad debts, consignee will debit the bad debts amount to


85) If del-credere commission is not allowed for bad debts , consignee will debit the bad debts amount to


86) if del-credere commission is allowed by consignor to consignee the bad debt (in the books of consignor) will be


87) if del-credere commission is not allowed by consignor to consignee the bad debt (in the books of consignor) will be


88) if the consignee is not authorised to get del-credere commission, then


89) over riding commission is payable to consignee by consignor for


90) which one of the following is not true


91) consignment account is


92) consignee account is prepared in the books of


93) consignor account is prepared in the books of


94) Goods sent on consignment account is prepared in the books of


95) In the books of consignor , the loss of consignment will be transferred to :


96) Which of the following expenses is not considered as part of cost of stock


97) discount charges of Rs.1,000 on discounting a bill receivable accepted by the consignee are debited to


98) Stock lost due to fire, theft, flood etc is


99) Cost of goods lost by fire Rs.5,000, insurance co. paid a claim of 80 %,in this case consignment account will be


100) With reference to consignment which of the following is correct


101) with reference to consignment which of the following is correct


102) With reference to consignment which of the following is correct


103) Insurance claim for loss-in -transit received by consignor is


104) Insurance claim for loss-in -transit received by consignee is


105) In the case of goods returned by the consignee


106) With reference to consignment loading is the difference between


107) When selling price is equal to invoice price & no adjustment is made to eliminate loading consignment account will show


108) consignee does not pass any entry for


109) with reference to consignment which of the following is correct


110) to eliminate loading on opening stock


111) To eliminate loading on closing stock


112) to eliminate loading on goods sent on consignment account


113) which of the following is correct


114) Goods costing Rs.4,00,000 sent out to consignee at cost + 25% . Invoice value of the goods will be


115) Goods costing Rs.3,60,000 sent out to consignee to show a profit of 20% on invoice price. Invoice value of the goods will be


116) Goods of the invoice value Rs.5,00,000 sent out to consignee to show a profit of 20% on cost .the cost of the goods will be


117) goods of the invoice value of Rs.4,80,000 sent out to consignee to show a profit of 20% on cost .the loading amount will be


118) X sent out certain goods to Y of Delhi at a profit of 20% on Invoice Price .1/10 of the goods were lose in transit .invoice value of goods lost is Rs.25,000.Invoice value of goods sent out on consignment will be


119) X sent out certain goods to Y of Delhi at a profit of 20% on Invoice Price .1/10 of the goods were lose in transit .The cost of goods lost is Rs.20,000..Invoice value of goods sent will be


120) X sent out certain goods to Y of Delhi at a cost + 25% on Invoice Price .1/2 of the goods received by Y is sold at Rs.3,52,000 at 10% above IP.The cost of goods sent will be


121) X sent out certain goods costing Rs.90,000 to Y of Delhi at a profit of 25% on Invoice Price .1/10 of the goods were lost in transit .2/3rd of the goods received are sold at 20% above IP . The amount of sale will be


122) X sent out certain goods costing Rs.90,000 to Y of Delhi at a profit of 25% on Invoice Price goods were lost in transit .2/3rd of the goods received are sold at 20% above IP .1/3rd of the sale are on credit The amount of credit sale will be


123) X sent out 4,000 boxes costing 100 each with the instruction that the sales are to be made at a cost + 45% on cost .X drew a bill on Y for an amount equivalent to 60% of the sales value .the amount of bill will be


124) X consigned goods costing Rs.6,000 to his agent at Delhi .freight & insurance paid by consignor Rs.100. consignee's expenses Rs.400. 4/5th of the goods were sold for Rs.6,000. Commission 2% on sales .consignee want to settle the balance with the help of a bank draft.The amount of draft will be


125) X sent out 1,000 boxes costing 100 each at a profit of 1/6th on invoice price. Goods sent out on consignment to be credited in general trading will be


126) X sent out 1,000 boxes costing 200 each to Y of Delhi 1/10th goods were lost in transit .2/3rd of the goods received by consignee is sold at cost + 25% ,the amount of commission will be


127) X sent out certain goods costing Rs.80,000 to Y of Delhi so as to show a profit of 20% on Invoice value .3/5th of the goods received by consignee is sold at 5% above IP ..The rate of commission is 10% The amount of commission will be


128) X sent out certain goods at cost + 25% . Invoice value of the goods sent out Rs.4,00,000.4/5th of the goods were sold by consignee at Rs.3,52,000 .The rate of commission is 2% upto invoice value & 10% of any surplus above invoice value .the amount of commission will be


129) X sent out certain goods costing Rs.80,000 to Y of Delhi so as to show a profit of 20% on Invoice Price .40% goods were lost in transit .60% of the goods received are sold at 25% above IP . rate of commission is 10% on the sales at invoice price plus 50% of the surplus over invoice price .the amount of commission will be


130) X sent out certain goods costing Rs.80,000 to Y of Delhi so as to show a profit of 20% on Invoice Price .40% goods were lost in transit .60% of the goods received are sold half at invoice price & at 25% above IP . rate of commission is 10% on the sales at invoice price plus 50% of gross sales less all commission exceeds the invoice price. the amount of commission will be


131) X sent goods to B at 125% of cost which is invoice price. the rate of commission is 10% on sales at IP & 25% of any surplus realised above IP .10% of the goods sold sent out on consignment , invoice value of which is Rs.12,500 were destroyed .75% of the total consignment is lost by B at Rs.1,00,000.what will be the amount of commission payable to B ?


132) X invoice goods to Y at profit of 25% on cost. 40% goods were lost in transit .60% of the goods received are sold by consignee at 25% above IP . The rate of commission is 10% on sales at invoice price plus 50% of gross sales less all commission exceeded invoice price .the amount of commission is Rs.54,00.the cost of goods sent on consignment is


133) X sent out goods costing Rs.1,00,000 to Y at a cost + 25% .3/5th of the goods were sold by consignee at Rs.85,000 .the rate of commission is 2% on sales +20% of gross sales less all commission exceeds invoice value .the amount of commission will be


134) X sent goods of invoice value at Rs.1,25,000 to Y at a cost +25% .3/5th of the goods were sold by consignee for Rs.85,000 .the rate of commission is 2% on sales plus 20% of gross sales less all commission exceeds cost price. the amount of commission will


135) X sent goods of invoice value at Rs.7,50,000 to Y at a cost +25%..Consignor's expenses Rs.10,000 .1/10th of the goods were lost in transit ,insurance claim received Rs.6,000 .The net loss on account of abnormal loss to be T/F to P& L account is


136) X sent out 200 boxes to Y costing Rs.100 each consignor's expenses Rs.2,000.Consigmee's selling expenses Rs.1,000 . 3/5th of the goods sold by consignee , 1/2 of the balance goods were lost in consignee's godown due to fire .the value of abnormal loss will be


137) 2,000 kg of apples are consigned to a wholesaler , the cost being Rs.1.5 per kg + Rs.400 of freight ,it is known that the loss of 15% is unavoidable. the cost per kg will be


138) X sent out 1000 units to Y as an invoice price of Rs.125 each calculated at a profit of 25% profit on cost .X incurred Rs.20,000 .1/5th of the goods were lost in transit .Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as godown rent .3/5th of goods received were sold by Y .1/5th of balance goods were destroyed in consignee's godown due to fire .the cost of abnormal loss in transit & godown will be


139) X sent out 1000 units to Y as an invoice price of Rs.125 each calculated at a profit of 25% profit on cost .X incurred Rs.20,000 .1/5th of the goods were lost in transit .Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as godown rent .3/5th of goods received were sold by Y .1/5th of balance goods were destroyed in consignee's godown due to fire .the cost of goods still in transit & the closing stock will be


140) X sent out 1000 units to Y as an invoice price of Rs.125 each calculated at a profit of 25% profit on cost .X incurred Rs.20,000 .1/5th of the goods were lost in transit .Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as godown rent .3/5th of goods received were sold by Y .1/5th of balance goods were destroyed in consignee's godown due to fire .the amount of stock reserve will be


141) X sent out goods at invoice value of Rs.2,50,000 to Y at 25% profit on cost price .consignor's exp.Rs.25,000 , consignee's expenses -non-recurring Rs.17,500, selling expenses Rs.2,500 . 1/10th of the goods were lost in transit .9/10th of the balance goods were sold .the amount of stock reserve on consignment stock will be


142) X sent out goods at invoice value of Rs.2,50,000 to Y at 25% profit on cost price .consignor's exp.Rs.25,000 , consignee's expenses -non-recurring Rs.17,500, selling expenses Rs.2,500 . 1/10th of the goods were lost in transit .9/10th of the balance goods were sold .the cost of consignment stock will be


143) X purchased 2000 boxes costing Rs.100 each Rs.100 each .400 boxes were sent out to Y at cost +25% .1,200 boxes were sold at 120 each ,the amount of gross profit to be recorded in general trading will be


144) X sent 1,000 bags toY costing Rs.400 each at an invoice price of Rs.500 each ,.consignor's exp.Rs.4,000 , consignee's expenses -non-selling Rs.1,000, selling expenses Rs.2,000 . 800 bags were sold .the amount of consignment stock at IP will be


145) X sent 1,000 bags toY costing Rs.400 each at an invoice price of Rs.500 each ,.consignor's exp.Rs.4,000 , consignee's expenses -non-selling Rs.1,000, selling expenses Rs.2,000 . 800 bags were sold .the amount of stock reserve will be


146) X sent out goods costing Rs.4,00,000 to Y .consignor's expenses Rs.10,000. consignee's expenses in relation to sales Rs.4,000 .4/5th of the goods were sold at 20% above cost .the profit on consignment will be


147) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .invoice value of goods sent is


148) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .original cost of goods sent is


149) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of bill drawn upon consignee is


150) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The cost of goods still in transit is


151) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of sale is


152) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discouned @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The invoice value of goods sold is


153) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The cost of abnormal loss is


154) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The net loss on account of abnormal loss to be transferred to P & L account is


155) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The total consignment stock at invoice price will be


156) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of stock reserve on consignment stock will be


157) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of normal commission is


158) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of del-credere commission is


159) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of extra commission is


160) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amount of total commission is


161) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The net balance due to Y remitted by X is


162) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The profit (loss) on consignment will be


163) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The loading on goods sent on consignment is


164) X sent out 1,000 units to y @ Rs.125 each .The proforma invoice was made by adding 25% to cost , X expenses Rs.20,000 , X drew upon Y a bill as a security for an amount equivalent to 60% of the invoice value for 3 months .the acceptance was discounted @ 18% p.a. , 20% of the goods were still in transit , Y incurred Rs.4,000 towards transportation upto godown & Rs.5,000 as insurance premium etc. , 60% of the goods received was sold by at 20% above the invoice price.Half of the sales were on credit .one credit customer to whom 100 units were sold became insolvent & paid only 60 paise in a rupee , 40% of the balance goods,were destroyed in y's godown & insurance co.paid Rs.15,000 .Rate of commission -normal commission @ 8% on sales at invoice price , del-credere commission @ 2% on sales at a invoice price .extra commission @ 30 % of the surplus over invioce value +20% of gross sales less all commission exceeds invoice value , net balance after adjusting proportionate security was remitted .The amout of profit to be transferred to P&L a/c as net commission by consignee will be


165) Out of the following at which point the treatment of “Sales” and “Consignment” is same:


166) Consignment Inventories will be recorded in the balance sheet of consignor on asset side at: