Consignment

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1. Goods costing Rs 2,00,000 sent out to consignee at Cost + 25%. Invoice value of the goods will be

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Consignment - Quiz

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2. X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in transit.  Invoice value of goods lost Rs 12,500. Invoice value of goods sent out on consignment will be:     

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3. A proforma invoice is sent by ____________

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4. The owner of the consignment stock is___________.  

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5. Expenses incurred by the consignor on sending goods to consignee are Rs. 1000 for packing, Rs. 1500 on freight and Rs. 500 for insurance, while expenses incurred by the consignee on behalf of consignment are Rs. 300 on Octroi Rs. 800 Godown rent and Rs. 1000 selling expenses. Expenses amount  to be excluded while calculating consignment stock will be 

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6. No Journal entry is required to be passed when there is________  

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7. The party who sends the goods for sale on fixed commission basis is  

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8. M/s Mittal & Sen & Co. sends goods costing Rs. 50,000 to M/s Suneja & Jadeja & Co. for sale at invoice price. The invoice price of the goods was Rs. 60,000. Former spends Rs. 2,000 on freight for sending the delivery and later spends Rs.1,500 for receiving the delivery. M/s Suneja & Jadeja & Co sold 90% of goods at invoice price and earned a commission of Rs.5,400. In the due course he made some credit sales also out of which some amount were proved to be bad and was borne by him only. Remaining goods were taken back by M/s Mittal & Sen & Co. The balance due was paid by M/s Suneja & Jadeja & Co. through a demand draft. The above transaction is in the nature of  

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9. Sujal consigned goods costing Rs. 2,50,000 to Mridul on 1st January 2006by incurring Rs. 20,000 on freight. Some goods were lost in transit. For remaining goods Mridul spend Rs. 15,000 to take the delivery including storage charges. During the quarter, Mridul sold 3/4 of the goods receivedby him for Rs. 3,00,000 and charged commission @10% on it to Sujal. At the end of the quarter, Sujal asked the details of goods lost, sold, expenses commission and balance due to him alongwith the consignment stock from Mridul. As desired, Mridul sent the periodical detail statement commonly known as  

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10. On 1 Jan. 2007 Ankur of Delhi consigned 200 cases, cost price Rs.3750 at proforma invoice of 25% profit on sales to his agent Mani of Manipur. Balance of Goods Sent on Consignment A/c transferred to General Trading A/c will be    

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11.  X of Kolkata sends out goods costing 300,000 to Y of Mumbai at cost + 25%. Consignor's expenses Rs 5000.1/10th of the goods were lost in transit.Insurance claim received Rs 3000. The net loss on account of abnormal loss is  

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12. Sharma of Allahabad sends goods costing Rs. 1,00,000 at an invoice price of the Rs. 1,20,000 to Kalapil of Katak. Sharma incurs the following expenditure in relation to such consignment: 1.  Packing and loading Rs. 5000 2.  Transportation Rs. 10000                                                                                        3.   Insurance Rs. 5000 1/10th of the consignment is damaged in transit. Amount of abnormal loss will be  

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13. Amit of Delhi sent 200 chairs @ Rs. 300 per chair to Sumit of Chandigarh. Amit paid freight of Rs. 500 and Rs. 200 as insurance in transit. Sumit paid Rs. 100 as Cartage and Rs. 300 as godown rent. At the end of the year, 150 chairs were sold. The selling price of each chair in Chandigarh was Rs. 350. Value of stock unsold will be  

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14. Consignment account is 

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15. On 1st Sept. 2006 goods costing Rs. 33,000 were consigned by X to his agent Y at a proforma price which was cost plus one - sixth profit on invoice price. Invoice price of goods will be    

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16. PARIKH & CO. of Nagpur consigned D of Delhi 1000 Kgs. of Oil @ Rs. 13 per Kg. Consignor spent Rs. 750 on cartage, Insurance and freight. On the way due to leakage 50 kg. of oil was spoiled (Normal loss) D spent Rs. 500 on Octroi and carriage. His selling expenses were Rs. 400 on 800 Kg. of oil sold. Value of consignment stock will be  

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17. X of Kolkata sent out 2000 boxes costing 100 each with the instruction that sales are to be made at cost + 45%. X draws a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be 

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18. Mohan consigned 50 cases at Rs. 350 each to B of Varanasi to sell it on consignment basis. Consignor paid Rs. 1,800 for freight and insurance. Allthe cases were sold for Rs. 28,000. Selling expenses paid by agent Rs. 900 and their commission to Rs. 1,000. Consignment profit will be 

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19. X of Kolkata sends out goods costing Rs 1,00,000 to Y of Delhi. 3/5th 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 of a Commission will be:

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20. Fena sent out certain goods to Kena of Delhi. 1/10 of the goods were lost in transit. Invoice value of goods lost Rs 25,000. Invoice value of goods sent out on consignment will be:  

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21. In valuation of consignment stock only ____________expenses are added

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22. Overriding commission is generally calculated on  

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23. X of Kolkata sends out goods costing 100,000 to Y of Mumbai at cost + 25%. Cdnsignor's expenses Rs 2000. 3/5th of the goods were sold by consignee at 85000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be:

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24. Abnormal loss on consignment is credited to__________  

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25. Account sale is sent by______  

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26. Proforma invoice is a statement of information in the firm of invoice prepared by the___________ to appraise the_______ about certain essential particulars of the goods.    

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27. Suresh of Delhi consigned 600 fans to Naresh of Bareilly to be sold on his account and at his risk. The cost of each fan is Rs. 300. Suresh paid Rs. 6000 as freight and insurance. Naresh paid Rs. 1500 as Octroi & Cartage; Rs. 3500 for godown rent and Insurance. 500 fans were sold for Rs. 1,80,000. Naresh was entitled to a commission of 4% on sale @ Rs. 350 per fan and 20% of any surplus price realized. Profit on consignment will be  

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28. A of Allahabad sent on consignment to B of Bareilly 1000 transistors costing Rs. 80 each. A paid freight amounting to Rs. 1,000 and cartage Rs. 45. B received only 900 sets as 100 sets were destroyed in transit. B incurred an expenditure of Rs. 1000 on account of clearing charges and cartage. Amount of abnormal loss will be  

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29. Ram of Raipur sends out goods costing Rs.100000 to Amar of Alwar. 3/5th of the goods were sold by consignee for Rs.70000. Commission 2% on sale plus 20% of gross sale less all commission exceeds cost price. The amount of commission will be  

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30. Goods costing Rs.240000 were sent on consignment basis. Goods are invoiced at cost + 25%. The invoice price and loading will be  

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31. Miss Rakhi consigned 1,000 Radio sets costing Rs. 900 each to Miss Gita, her agent on July 1, 2006. Miss Rakhi incurred the following expenses. Carriage                      Freight                     insurance Rs. 650                   Rs. 7,000                     Rs3250 Miss Gita received the delivery of 950 radio sets. 750 sets were sold for Rs. 9,00,000 and Miss Gita incurred total expenses Rs. 13,000. Agents commission 6% on sales. Insurance company admitted claim of Rs. 35,000. Consignment stock was valued Rs. 1,84,391. Consignment Profit will be - 

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32. __________ is unavoidable and should be spread over the entire consignment while valuing consignment stock.

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33. Consignee is entitled to get a commission of Rs. 25 per article sold plus one fourth of the amount by which gross sale proceeds less his total commission thereon exceeded a sum at the rate of Rs. 125 per articles sold. He sold 450a articles at Rs. 73,800 commission amount will be_____  

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34. Which of the following statement is not true:

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35. X of Kolkata sends out certain goods at cost + 25%. Invoice value of goods sends out Rs 200,000.4/5th 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 will be:  

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36. A of Mumbai send goods to B of Delhi, the goods are to be sold at 125% of cost which is invoice price or above. B was entitled the commission of 10% on sales plus 25% on any surplus realised above invoice price. 10% of 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. The amount of commission payable will be  

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37. Goods Sent out on consignment Rs.2,00,000. Consignor's expenses  Rs.5,000.Consignee's expenses Rs.2000. Cash sales Rs.1,00,000, credit sales Rs.1,10,000. Consignment stock Rs.40,000. Ordinary commission payable to consignee Rs.3,000. Del-credere commission Rs.2000. The amount irrecoverable from customer Rs.2,000. What will be the profit on  consignment?                                                                                            

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38. Naveen of Nagpur sends but 1,000 boxes costing 100000 to Deepak of Delhi at cost + 20% consignor's expenses were: Freight Rs.6,000 Insurance Rs.2,000 Consignee's expenses were: Loading and Unloading charges Rs.10,000 Salesman salary Rs.6,000 and Commission 2% on Gross sale. What will be the amount of profit if 3/4th goods sold by consignee at Rs.1,00,000 

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39. A consignee sold goods costing Rs. 50,000 at a profit of Rs. 10,000. Out of total sale 30% was credit sale. As per the agreement the consignee will get 5% ordinary commission, 2% del-credere commission on credit sale and 3% over­riding commission on amount in excess of cost price. The amount of commission will be  

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40. Del-credere commission is allowed to cover  

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41. Mr. A sent 250 units costing Rs.10,000 each to Mr. B. The goods were to be sold as to yield a gross profit of 20% on sales. Mr. B sold 150 units @ Rs.14,200 per unit on credit and 75 units @ Rs.14,000 for cash. Mr. B is entitled to a commission Rs.500 per unit. The amount of commission will be:  

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42. In case of consignment, abnormal loss is valued at  

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43. A of Kanpur consigned 300 calculators costing Rs. 250 each to B of Faridabad. He paid carriage and freight Rs. 1500 and transit insurance Rs.900.00 A incurred the following expenses: Unloading charges Rs. 400 Octroi                    Rs. 600 Carriage                Rs. 800 Godown rent Rs. 500 Selling expenses Rs. 320 200 calculators were sold @ Rs. 420 each. Value of closing stock will be 

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44. On 1st January 2004, Badri of Kanpur consigned 100 cases, cost price Rs. 7,500, at a proforma invoice price of 25% profit on sales to his agent Anil of Allahabad. Balance of Goods sent on consignment A/c transferred to General Trading A/c will be    

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45. X of Kolkata sends out goods costing Rs.3,00,000 to Y of Delhi.Commission agreed is 2% on sales + 3% on sales as del-credre commission.The entire goods is sold by consignee for Rs.4,00,000. However consignee is 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  

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46. In case of del-credere commission provided by consignor to consignee, bad debts is a loss of          

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47. Rahim of Kolkata sends out 1000 boxes to Ram of Delhi costing Rs 100 each at an Invoice Price of Rs 120 each. Goods send out on Consignment to be credited in general trading account will be:

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48. Balance of goods sent on consignment account is transferred to -  

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49. X consigned 100 packets of cosmetics each costing Rs. 300 to his agent at Bareilly. He paid Rs. 500 towards freight and insurance. 15 packets were destroyed in the way. Consignee took delivery of the remaining packets and spent to 700 as godown rent, Rs. 1,000 as clearing charges and Rs. 300 as carriage inwards. Cost of damage will be  

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50. Panna Lai sends 100 sewing machines on consignment to Ram Ji Lai. The cost of each machine is Rs. 150. Panna Lai spends Rs. 500 on packing and dispatch. Ram Ji Lai receives the consignment and informed that 90 machines have been sold at Rs. 180 each. Expenses paid by Ram Ji Lai are freight Rs. 500, carriage and octroi Rs. 200, Godown rent Rs. 100 and insurance Rs. 150. Ram Ji Lai is entitled to a commission of7Vz% on sales. Profit on consignment will be  

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51. Ankur purchased goods costing Rs.5000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs.375 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be  

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52. On 1st January, 2005 Badry of Bombay consigned 100 cases (cost price Rs. 7500) at a proforma invoice price of 25% profit on sales to his agent Anil of Agra. On the same date Badri paid non recurring expenses of Rs. 600. On 5th Jan.Anil took delivery and paid Rs.1200 for Octroi.On 31 st January he sold 80 cases for Rs.10500.He charged Rs.775 as his commisssion.Consignment  profit will be

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53. Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10% above cost and a Trade Discount for 5%. The amount of Sales will be  

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54. Commission provided by the consignor to the consignee to promote credit  sale is known as        

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55. Out of the following at which point the treatment for "Sales" and "Consignment" is similar  

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56. Goods costing Rs.4,80,000 were sent on consignment basis. Goods are invoiced at 125% of the cost price. The invoice price and the loading will be:  

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57. Deepak consigned 100 sets of TVs to Sudeep @ Rs.10,000 each. 5 TVs were damaged in transit due to unavoidable reason whose price was adjusted in the remaining TVs. The new price of each TV will be  

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58. Rajesh of Ramnagar sends out goods costing Rs.2,00,000 to Gopal of Gujarat. 3/5th of the goods were sold by consignee for Rs.1,50,000. Commission 2% on sales plus 10% of gross sales less all commission exceeds cost price. The amount of commission will be  

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59. If cost of physical stock on 31.3.2006 is Rs.2,80,000 and out of which stock of Rs. 1,20,000 is held as consignee. Goods costing Rs. 25,000 were damaged beyond repair and were expected to realize Rs.5,000 only. The value of own stock on 31.3.2006 will be  

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60. If 1,000 typewriters costing Rs.250 each are sent on consignment basis and Rs.10,000 is spent for freight etc., 20 typewriters are damaged in transit beyond repair. The amount of loss will be  

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61. Goods costing Rs.2,00,000 were sent on consignment basis. These goods are invoiced to give a gross margin of 20% on invoice price. The amount of loading is :  

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62. 1,000 kg of oranges are consigned to a wholesaler, the cost being Rs.8 per kg, plus Rs. 925 of freight. It is concluded that a loss of 15% is unavoidable. The cost per kg of orange will be  

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63. 1000 Kg. of Mangoes were consigned to a wholesaler, the cost being Rs.3 per kg. plus Rs.400 freight. Loss of 15% of Mangoes is unavoidable. 750 kgs. were sold by the consignee. The remaining stock of 100 kg. will be valued at  

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64. Ram of Mumbai sends out certain goods at cost plus 25%. Invoice value of goods sends out Rs.20,000. 4/5th of the goods were sold by consignee at Rs.17,600. Commission 2% upto invoice value and 10% on any surplus above invoice value commission amount will be  

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65. X send out goods costing Rs.200000 to Y. Consignor expensesRs.5,000. Consignee expenses in relation to sales Rs.3000.415th of the goods were sold at 20% above cost. The profit on consignment will be  

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66. Mr. A consigned goods costing Rs.2,50,000 to Mr. B at an invoice price of Rs.3,00,000.The goods were to be sold at invoice price or above.Mr.B sold some of the goods at invoice price of Rs.2,00,000 and some at 10% above cost i.e.Rs.1,10,000.For this he gets 5% commission.The amount of commission is

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67. Goods costing Rs.1,80,000 sent to consignee to show a profit of 20% on invoice price. Invoice price of the goods is  

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68. Bharti consigned to Bhawna 1500 Kg of flour costing 4500. She spent Rs. 307 as forwarding charges 5% of the onsignment was lost in weighing and handling. Bhawna sold 1350 Kg of flour at Rs. 4 per kg. Her selling expenses being Rs. 550 and commission at t2V2% on sales. Valuation of closing stock will be  

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69. P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at cost + 33.1/3%. 1/10th of goods were lost in transit. 2/3rd of the goods are sold at 20% above IP. The amount of sale value will be:  

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70. Mr. Yatharth consigned to Mr. Ramesh 100 cases of tea costing Rs.100 per case. He paid Rs.1,000/-as freight and cartage. Mr. Ramesh could take delivery of only 90 cases since 10 cases were loss in transit. The amount of abnormal loss will be  

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71. Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above cost and a trade discount for 5%. The amount of sales will be  

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72. If del-credere commission is allowed for bad debt, consignee will debit the bad debt amount to:

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73. A of Kolkata sends out 500 boxes to B of Delhi costing Rs 200 each.Consignor's expenses Rs 5000.1/5th of the boxes were still in transit. 3/4th of the goods received by consignee, were sold. The amount of goods still in transit will be:

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74. Vimal of Kanpur consigned to his agent Nirmai of Allahabad 100 machines at Rs. 500 each. He paid the following expenses packing charges Rs. 20 per machine, forwarding charges Rs. 400 and freight Rs. 600 Nirmai received the consignment and paid Rs. 600 for cartage and octroi. He also paid Rs. 500 for godown charges. He sold 60 machines @ 700 per machine. He was entitled to a commission of 6%. Profit on consignment will be 
 
 

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75. R sends out goods costing Rs.2,00,000 to K. Consignor's expenses Rs.5,000. Consignee's expenses in relation to sales Rs 2,000.4/5th of the goods were sold at 20% above cost. The profit on consignment will be:  

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76. 10000 litres of oil were consigned to a wholesaler the cost being Rs.100 per litre by incurring freight Rs.8,000.10% of loss of oil unavoidable. 8,000 litres were sold by the consignee. The remaining stock of 1000 litres will be valued at    

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77. On 1st Jan., 2005 goods costing Rs.40,000 were consigned by A to his agent B at a proforma price which was cost plus one fifth of profit on invoice price. Invoice price of goods will be  

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78. Goods costing Rs. 80,000 are consigned by Manjari & Co. to Anjali & Co. for Rs.1,00,000. Expenses of the consignor in this respect was Rs. 5,000. Consignee spends Rs. 6,000 for taking the delivery. Some of the goods were returned by the consignee costing Rs.10,000. The amount to be credited to consignment account for goods returned will be 

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79. B sold 50 televisions at Rs. 15,000 per television. He was entitled to commission of Rs. 500 per television sold plus one fourth of the amount by which the gross sale proceeds less total commission there on exceeded a sum calculated at the rate of Rs. 12,500 per television sold. Amount of commission will be  

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80. X consigned 100 packets of cosmetics each costing Rs. 300 to his agent at Bareilly. He paid Rs. 500 towards freight and insurance. 15 packets were destroyed in the way. Consignee took delivery of the remaining packets and spent to 700 as godown rent, Rs. 1,000 as clearing charges and Rs. 300 as carriage inwards. The agent sells away 70 packets. Stock amount will be 

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Goods costing Rs 2,00,000 sent out to consignee at Cost + 25%. Invoice...
X sent out certain goods to Y of Delhi. 1/10 of the goods were lost in...
A proforma invoice is sent by ____________
The owner of the consignment stock is___________.  
Expenses incurred by the consignor on sending goods to consignee are...
No Journal entry is required to be passed when there is________...
The party who sends the goods for sale on fixed commission basis is...
M/s Mittal & Sen & Co. sends goods costing Rs. 50,000 to M/s...
Sujal consigned goods costing Rs. 2,50,000 to Mridul on 1st January...
On 1 Jan. 2007 Ankur of Delhi consigned 200 cases, cost price Rs.3750...
 X of Kolkata sends out goods costing 300,000 to Y of Mumbai at...
Sharma of Allahabad sends goods costing Rs. 1,00,000 at an invoice...
Amit of Delhi sent 200 chairs @ Rs. 300 per chair to Sumit of...
Consignment account is 
On 1st Sept. 2006 goods costing Rs. 33,000 were consigned by X to his...
PARIKH & CO. of Nagpur consigned D of Delhi 1000 Kgs. of Oil @ Rs....
X of Kolkata sent out 2000 boxes costing 100 each with the instruction...
Mohan consigned 50 cases at Rs. 350 each to B of Varanasi to sell it...
X of Kolkata sends out goods costing Rs 1,00,000 to Y of Delhi. 3/5th...
Fena sent out certain goods to Kena of Delhi. 1/10 of the goods were...
In valuation of consignment stock only ____________expenses are...
Overriding commission is generally calculated on  
X of Kolkata sends out goods costing 100,000 to Y of Mumbai at...
Abnormal loss on consignment is credited to__________  
Account sale is sent by______  
Proforma invoice is a statement of information in the firm of invoice...
Suresh of Delhi consigned 600 fans to Naresh of Bareilly to be sold on...
A of Allahabad sent on consignment to B of Bareilly 1000 transistors...
Ram of Raipur sends out goods costing Rs.100000 to Amar of Alwar....
Goods costing Rs.240000 were sent on consignment basis. Goods are...
Miss Rakhi consigned 1,000 Radio sets costing Rs. 900 each to Miss...
__________ is unavoidable and should be spread over the entire...
Consignee is entitled to get a commission of Rs. 25 per article sold...
Which of the following statement is not true:
X of Kolkata sends out certain goods at cost + 25%. Invoice value of...
A of Mumbai send goods to B of Delhi, the goods are to be sold at 125%...
Goods Sent out on consignment Rs.2,00,000. Consignor's expenses...
Naveen of Nagpur sends but 1,000 boxes costing 100000 to Deepak of...
A consignee sold goods costing Rs. 50,000 at a profit of Rs. 10,000....
Del-credere commission is allowed to cover  
Mr. A sent 250 units costing Rs.10,000 each to Mr. B. The goods were...
In case of consignment, abnormal loss is valued at  
A of Kanpur consigned 300 calculators costing Rs. 250 each to B...
On 1st January 2004, Badri of Kanpur consigned 100 cases, cost price...
X of Kolkata sends out goods costing Rs.3,00,000 to Y of...
In case of del-credere commission provided by consignor to consignee,...
Rahim of Kolkata sends out 1000 boxes to Ram of Delhi costing Rs 100...
Balance of goods sent on consignment account is transferred to -...
X consigned 100 packets of cosmetics each costing Rs. 300 to his agent...
Panna Lai sends 100 sewing machines on consignment to Ram Ji Lai. The...
Ankur purchased goods costing Rs.5000 at an invoice price, which is...
On 1st January, 2005 Badry of Bombay consigned 100 cases (cost price...
Goods costing Rs. 1000 supplied to Ramesh at the invoice price of 10%...
Commission provided by the consignor to the consignee to promote...
Out of the following at which point the treatment for...
Goods costing Rs.4,80,000 were sent on consignment basis. Goods are...
Deepak consigned 100 sets of TVs to Sudeep @ Rs.10,000 each. 5 TVs...
Rajesh of Ramnagar sends out goods costing Rs.2,00,000 to Gopal of...
If cost of physical stock on 31.3.2006 is Rs.2,80,000 and out of which...
If 1,000 typewriters costing Rs.250 each are sent on consignment basis...
Goods costing Rs.2,00,000 were sent on consignment basis. These goods...
1,000 kg of oranges are consigned to a wholesaler, the cost being Rs.8...
1000 Kg. of Mangoes were consigned to a wholesaler, the cost being...
Ram of Mumbai sends out certain goods at cost plus 25%. Invoice value...
X send out goods costing Rs.200000 to Y. Consignor expensesRs.5,000....
Mr. A consigned goods costing Rs.2,50,000 to Mr. B at an invoice price...
Goods costing Rs.1,80,000 sent to consignee to show a profit of 20% on...
Bharti consigned to Bhawna 1500 Kg of flour costing 4500. She spent...
P of Faridabad sent out goods costing Rs. 45,000 to Y of Delhi at...
Mr. Yatharth consigned to Mr. Ramesh 100 cases of tea costing Rs.100...
Goods costing Rs. 600 is supplied to Ram at the invoice of 10% above...
If del-credere commission is allowed for bad debt, consignee will...
A of Kolkata sends out 500 boxes to B of Delhi costing Rs 200...
Vimal of Kanpur consigned to his agent Nirmai of Allahabad 100...
R sends out goods costing Rs.2,00,000 to K. Consignor's expenses...
10000 litres of oil were consigned to a wholesaler the cost being...
On 1st Jan., 2005 goods costing Rs.40,000 were consigned by A to his...
Goods costing Rs. 80,000 are consigned by Manjari & Co. to Anjali...
B sold 50 televisions at Rs. 15,000 per television. He was entitled...
X consigned 100 packets of cosmetics each costing Rs. 300 to his agent...
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