Practice Test

Q1) Joint venture is not a _________ partnership. Show Answer

Q2) When co-venturers decides to maintain a separate set of accounts books, they open a ___________ account with their bank. Show Answer

Q3) The co-venturers agrees to contribute __________ required to the business. Show Answer

Q4) A joint venture is a __________ partnership. Show Answer

Q5) A debit balance of joint venture account indicates _________. Show Answer

Q6) Expenses incurred by co-venturers are debited to _________ account. Show Answer

Q7) A credit balance of joint venture account indicates ___________. Show Answer

Q8) When unsold stock is taken over by co-venturers ___________ account is credited. Show Answer

Q9) The co-venturers open a __________ account with heir bank. Show Answer

Q10) The liability of co-venturers is _______. Show Answer

Q11) Co venturers share profit of losses in the _________ ratio. Show Answer

Q12) When other co- venturers supply goods, their personal account will be ________. Show Answer

Q13) The joint venture does not have _________ name. Show Answer

Q14) Joint venture runs for a ___________ duration. Show Answer

Q15) In the absence of an agreement the profit of loss on joint venture will be __________ by co-venturers. Show Answer

Q16) If some expenses are met directly by co-venturers ____________ account is debited. Show Answer

Q17) When two of more persons undertook business activity for short period is known as ___________. Show Answer

Q18) Unsold stock of joint venture taken over by co-venturer is credit to _______. Show Answer

Q19) Initial capital contributed by co-venturer's A/c is debited to ________A/c. Show Answer

Q20) Joint venture A/c is a ______. Show Answer

Q21) Goods brought into the joint venture by co-venturer from his own stock is debited to ________. Show Answer

Q22) Expenses of Joint venture business are debited to _______. Show Answer

Q23) When Goods of joint venture are sold by agent, amount of sales is debited to _______ A/c. Show Answer

Q24) Bills drawn for Joint venture and it is discounted by Co-venturer, the amount discount is ultimately debited to ______ A/c. Show Answer

Q25) Joint venture is a _________. Show Answer

Q26) Joint venture may also be called as a _______ partnership. Show Answer

Q27) Partners in ________ called co-venturers. Show Answer

Q28) Joint venture is a _________ partnership. Show Answer

Q29) Joint venture is a ________. Show Answer

Q30) The persons entered into Joint venture are called _______. Show Answer

Q31) Joint venture is a temporary partnership. Show Answer

Q32) There is a difference between joint venture and partnership. Show Answer

Q33) The relation between the co-venturers is that of principal and agent. Show Answer

Q34) Joint venture is a permanent partnership. Show Answer

Q35) The co-venturers always share the profits equally. Show Answer

Q36) Joint venture is not a permanent partnership firm. Show Answer

Q37) Joint is a non-trading concern. Show Answer

Q38) Joint venture accounts can be maintained only in a separate set of books of account. Show Answer

Q39) Liability of the coventurers is unlimited. Show Answer

Q40) All expenses on the joint venture have to be always incurred from the joint bank account. Show Answer

Q41) Debit balance of joint venture account indicates loss. Show Answer

Q42) A joint venture comes to an end even after three months. Show Answer

Q43) As soon as the particular venture is completed, joint venture comes to an end. Show Answer

Q44) Joint venture does not have a firm name like a partnership. Show Answer

Q45) Joint bank account is opened when separate set of books are kept. Show Answer

Q46) A joint venture is a trading concern. Show Answer

Q47) A joint venture is a temporary partnership. Show Answer

Q48) Which of the following is true ? Show Answer

Q49) For opening joint bank account ,in case of separate sets of books: Show Answer

Q50) For purchase of plant from joint bank account ,in case separate sets of books are maintained ,the correct journal entry will be Show Answer

Q51) for material supplied from own stock by any of the venturer,the correct journal entry will be: in case of separate sets of books) Show Answer

Q52) A and B entered into a joint venture to underwrite the shares of K Ltd.K ltd make an equity issue of 1,00,000 equity shares of Rs.10 each .80%of the issue are subscribed by the party. The profit sharing ratio between A and B is 3:2.The balance shares not subscribed by the public , purchased by A and b in profit sharing ratio. How many shares to be purchased by A Show Answer

Q53) A and B entered into a joint venture to underwrite the shares of K Ltd.K ltd make an equity issue of 2,00,000 equity shares .80%of the shares underwritten by the venture 1,60,000 shares are subscribed by the public. How many shares are to be subscribed by the venture ? Show Answer

Q54) A , B and C are co-venturer.The profit sharing ratio between A and B is 3:2 and between B and C is 3:2. Find out the profit sharing ratio between A,B and C Show Answer

Q55) A and B purchased a piece of land for Rs.20,000 and sold it for Rs.60,000 in 2005 . Originally A had contributed Rs.12,000 and B Rs.8,000.What will be the profit on venture Show Answer

Q56) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.other expenses of A Rs.10,000. B sold the goods for Rs.1,80,000.remaining goods were taken over by B at Rs.20,000 amount of final remittance to be paid by B to A will be Show Answer

Q57) A and B entered into a joint venture to construct a bridge. They did not open separate set of books .they shared profit & loss as 3:2.C contributed Rs.1,50,000 for purchase of materials .D paid wages amounting to Rs.80,000 expenses were paid as : C - 5,000 , D - 15,000 , C purchased one machine for Rs.20,000 machine was taken over by C for Rs.10,000 contract value of Rs.3,00,000 was received by D .What will be the profit on venture Show Answer

Q58) R and M entered into a joint venture to purchase and sell new year gifts .They agreed to share the profit and losses equally .R purchased goods worth Rs.1,00,000 and spent Rs.10,000 in sending the goods to M .he also paid Rs.5.000 as insurance .m spent Rs.10,000 as selling expenses and sold goods for Rs 2,00,000 remaining goods were taken over by him at Rs.5,000.What will be the amount to be remitted by M to R as final settlement ? Show Answer

Q59) R and M entered into a joint venture to purchase and sell new year gifts .They agreed to share the profit and losses equally .R purchased goods worth Rs.1,00,000 and spent Rs.10,000 in sending the goods to M .he also paid Rs.5.000 as insurance .m spent Rs.10,000 as selling expenses and sold goods for Rs. 2,00,000 remaining goods were taken over by him at Rs.5,000.What will be the profit on venture ? Show Answer

Q60) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.. B sold the goods for Rs.3,00,000. The venture is terminated after 3 months A is entitled to get 10% interest on capital invested irrespective of utilization period. The amount of interest received by A will be Show Answer

Q61) A bought goods of the value of Rs.10,000 and consigned them to B to be sold by them on a joint venture , profits being divided equally .A draws a bill on B for an amount equivalent to 80% of the cost on consignment. the amount of bill will be ; Show Answer

Q62) A bought goods of the value of Rs.10,000 and consigned them to B to be sold by them on a joint venture , profits being divided equally. A paid Rs.1,000 for freight and insurance A draws a bill on B for Rs.10,000 A got it discounted at Rs.9,500.B sold the goods for Rs.15,000. Commission payable to B , Rs.500.Find out the profit on venture? Show Answer

Q63) A bought goods of the value of Rs.10,000 and consigned them to B to be sold by them on a joint venture , profits being divided equally .A paid Rs.1,000 for freight and insurance A draws a bill on B for Rs.10,000 A got it discounted at Rs.9,500.B sold the goods for Rs.15,000. Commission payable to B , Rs.500.the amount to be remitted by B to A will be Show Answer

Q64) If any stock is taken over by the venture , it will be treated as an : Show Answer

Q65) which of the following is true ? Show Answer

Q66) A and B enter into a joint venture profit sharing ratio between A and B is 2:1.A purchased goods costing Rs.2,00,000.B sold the goods for Rs.2,50,000.A is entitled to get 1% commission on purchase and B is entitle to get 5%commission on Sales .the profit on venture will be Show Answer

Q67) Advice which of the statement is true Show Answer

Q68) Which is the true statement ? Show Answer

Q69) A and B were partners sharing profit and losses in the ratio of 3/5th and 2/5th respectively .A supplies goods to the value of Rs.80,000 and incurred expenses amounting Rs.6,000 . B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.2,000 .B sells goods on the behalf of the joint venture and realizes Rs.1,50,000.B entitled to a commission of 5% on the Sales .B settles his account by bank draft . Find out A's share of profit on venture ? Show Answer

Q70) A and B were partners sharing profit and losses in the ratio of 3/5th and 2/5th respectively .A supplies goods to the value of Rs.60,000 and incurred expenses amounting Rs.6,000 . B supplies goods to the value of Rs.16,000 and his expenses amount to Rs.3,000 .B sells goods on the behalf of the joint venture and realizes Rs.1,20,000.B entitled to a commission of 5% on the Sales .B settles his account by bank draft .How much amount will pay to A as final settlement ? Show Answer

Q71) R and M entered into a joint venture to sell a consignment of biscuits .They agreed to share the profit and losses equally. R provides biscuits from stock Rs.10,000.He pays expenses worth Rs.1,000 and M incurred further expenses on carriage Rs.1,000. He receives cash for Sales Rs.15,000.he also takes over goods to the value of Rs.2,000. what will be the amount to be remitted by M to R Show Answer

Q72) R and M entered into a joint venture to sell a consignment of biscuits .They agreed to share the profit and losses equally .R provides biscuits from stock Rs.10,000.He pays expenses worth Rs.1,000 and M incurred further expenses on carriage Rs.1,000. He receives cash for Sales Rs.15,000.he also takes over goods to the value of Rs.2,000. Find out profit on venture. Show Answer

Q73) A purchased 1,000 Kg of rice costing Rs.200 each .,Carriage 2,000, insurance 3,000.4/5th of the boxes were sold by B at Rs.250 per boxes. Remaining stock were taken over by B at cost,. The amount f stock taken over will be Show Answer

Q74) goods costing Rs.10,000 destroyed by an accident , insurance claim nil Show Answer

Q75) A and B were partners sharing profit and losses in the ratio of 3/5th and 2/5th respectively .A supplies goods to the value of Rs.60,000 and incurred expenses amounting Rs.6,000 . B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.6,000 .B sells goods on the behalf of the joint venture and realizes Rs.1,00,000.B entitled to a commission of 5% on the Sales .B settles his account by bank draft .find out the profit on venture ? Show Answer

Q76) A purchased goods costing Rs.1,00,000 .B sold goods at Rs.1,50,000 . Profit sharing ratio between A and B is equal . If same sets of books are maintained ,find out final remittance Show Answer

Q77) A purchased goods costing Rs.2,00,000 .B sold 4/5th of goods at Rs.2,50,000 . Balance goods were taken by B at cost less 20% . If same sets of books are maintained ,find out profit on venture Show Answer

Q78) A and B entered into a joint venture .They agreed to share the profit and losses equally A purchased 100 kg of rice @ Rs.20/kg. Brokerage paid Rs.200 ,carriage paid Rs.300.B sold 90 kg of rice @ Rs.22/ kg .balance rice were taken over by b at cost .The value of rice taken over to be recovered in joint venture will be Show Answer

Q79) A and B entered into a joint venture .They agreed to share the profit and losses equally A purchased 5,000 kg of rice @ Rs.50/kg. B purchased 1,000 kg of Wheat @ Rs.60/kg .A sold 1000 kg of wheat @ Rs.22/ kg. B sold 5000 kg of rice @ Rs.60/ kg.The profit on venture when same sets of books is maintained will be. Show Answer

Q80) A and B entered into a joint venture .They agreed to share the profit and losses equally A purchased 5,000 kg of rice @ Rs.50/kg. B purchased 1,000 kg of Wheat @ Rs.60/kg .A sold 1000 kg of wheat @ Rs.70/ kg. B sold 5000 kg of rice @ Rs.60/ kg.The final remittance will be . Show Answer

Q81) A and B enter into a joint venture by opening a joint bank account contributing Rs.10,00,000. The profit sharing ratio between A and B is 3:2.How much amounted to be contributed by A Show Answer

Q82) A and B enter into a joint venture by opening a joint bank account contributing Rs.2,00,000.each. The expenses incurred on venture is exactly equal to Rs.2,00,000.Once the work is completed , contract money received by cheque Rs.4,00,000 and in shares Rs.50,000 .The shares are sold for Rs.40,000 what will be the profit Show Answer

Q83) If a venture draws a bill on his co-venture and if the drawer discounts the bills with the same sets of books maintained , the discounting charges to be borne by Show Answer

Q84) A and B were partners sharing profit and losses in the ratio of 4/5th and 1/5th respectively .A supplies goods to the value of Rs.50,000 and incurred expenses amounting Rs.5,400 . B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.800 .B sells goods on the behalf of the joint venture and realizes Rs.92,000.B entitled to a commission of 5% on the Sales .B settles his account by bank draft .find out final remittance ? Show Answer

Q85) A and B were partners sharing profit and losses in the ratio of 4/5th and 1/5th respectively .A supplies goods to the value of Rs.50,000 and incurred expenses amounting Rs.5,400 . B supplies goods to the value of Rs.14,000 and his expenses amount to Rs.800 .B sells goods on the behalf of the joint venture and realizes Rs.92,000.B entitled to a commission of 5% on the Sales .B settles his account by bank draft .find out the profit on venture ? Show Answer

Q86) In a joint venture .A contributes Rs,5000 & B contributes Rs.10,000.goods are purchased for Rs.11,200.Expenses to amount Rs.800.Sales amount to Rs.14,000 the remaining goods were taken over by b at Rs.400.A & B share profit & loss equally in the ratio of 1;2 respectively .As a final settlement ,how much A will receive ? Show Answer

Q87) Which is the true statement ? Show Answer

Q88) A & B enter into a venture sharing profit & loss in the ratio 2:3 . goods purchased for Rs.45,00.Expenses to amount Rs.13,500 and by B Rs.5,200 .B sold the goods for Rs.85,000 . Remaining goods were taken over by B at Rs.7,200..what will be the final remittance to be made by B to A Show Answer

Q89) If separate sets of books is maintained and supplied and suppliers grant discounts at the time of making the payments for purchase of goods , such discount received will be treated as Show Answer

Q90) If unsold goods costing Rs.20,000 is taken over by venture at Rs.15,000,the joint venture account will be credited by; Show Answer

Q91) A & B enter into a venture sharing profit & loss in the ratio 2:3 . goods purchased for Rs.45,00.Expenses to amount Rs.13,500 and by B Rs.5,200 .B sold the goods for Rs.85,000 . Remaining goods were taken over by B at Rs.7,200..what is the profit Show Answer

Q92) Which is the true statement ? Show Answer

Q93) A and B enter into a joint venture for purchase and Sale of typewriter .A purchased typewriter costing Rs.1,00,000 ,printing expenses Rs.10,000 B sold it at 20% margin on selling price .The Sales value will be Show Answer

Q94) MATCH THE PAIRS :- the parties to joint venture is called Show Answer

Q95) Joint. Venture Show Answer

Q96) Memorandum joint venture account is maintained in case of Show Answer

Q97) the bank account maintains in the same set of books is called as Show Answer

Q98) Which of the following is true ? Show Answer

Q99) Which of the following is not true ? Show Answer

Q100) Which of the following is true ? Show Answer

Q101) Which of the following is not true ? Show Answer

Q102) For purchase of goods by co-venturer in case of separate sets of books Show Answer

Q103) for goods supplied from own stock by a co-venturer in case of separate sets of books Show Answer

Q104) For stock of goods taken over by co-venturer in case of separate sets of books Show Answer

Q105) For co-venture's capital contribution in case of separate sets of books Show Answer

Q106) For distribution of profit in a separate sets of books Show Answer

Q107) which of the following is not true Show Answer

Q108) In memorandum joint venture account method, each co-venture records Show Answer

Q109) memorandum joint venture accounts prepared Show Answer

Q110) For sending cash to another co-venture in case of memorandum Joint venture account method Show Answer

Q111) For purchase of goods for cash for joint venture in case of memorandum joint venture account method Show Answer

Q112) For payment of joint venture expenses in case of memorandum joint venture account method Show Answer

Q113) For sale of goods for cash in case of memorandum joint .venture account method Show Answer

Q114) For recording another venture's share of profit in case of memorandum joint venture account method is Show Answer

Q115) For recording own share of profit in case of memorandum joint venture account method is Show Answer

Q116) loss of joint venture uninsured good is Show Answer

Q117) bad debts incurred on account of joint venture sales are Show Answer

Q118) There are two co-venture's X & Y ,X is recording all joint venture transaction in his books of account . Discount charges on discounting a bill receivable accepted by Y are debited to Show Answer

Q119) there are two co-venturer's- X & Y ,X & Y are recording their own joint venture transaction in their respective books of account. in the books of X Discount charges on discounting a bill receivable accepted by Y are debited to Show Answer

Q120) on supply of goods out of own stock for joint venture business Show Answer

Q121) The share of profit of the co-venturer maintaining only his own transaction Show Answer

Q122) The share of profit of the co-venturer maintaining all the joint venture transaction in his books is Show Answer

Q123) closing stock with X Rs.26,400 ,with Y Rs.60,000 . In the books of X who is recording all joint Venture transaction Show Answer

Q124) which of the following is true Show Answer

Q125) Which of the following is true ? Show Answer

Q126) which of the following is not true Show Answer

Q127) A & B enter into a joint venture to underwrite the share of X ltd ,to the extent of 80% X ltd make an equity issue of 1,00,000 equity shares of Rs.10 each ,80% of the issue are subscribed by the public .the profit .the profit sharing ratio between A & B is 3:2 .The balance shares not subscribed by the public are purchased by A & B in profit sharing ratio. How many shares to be purchased by the purchased by the co-venturers Show Answer

Q128) A & B enter into a joint venture to underwrite the share of X ltd ,to the extent of 80% X ltd make an equity issue of 1,00,000 equity shares of Rs.10 each ,80% of the issue are subscribed by the public .the profit .the profit sharing ratio between A & B is 3:2 .The balance shares not subscribed by the public are purchased by A & B in profit sharing ratio. How many shares to be purchased by A Show Answer

Q129) A & B purchased a piece of land for Rs.20,000 & sold it for Rs.60,000,originaly A had contributed Rs.12,000 & B had Rs.8,000.what will be A's share of profit on venture ? Show Answer

Q130) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales.A's share of profit on venture will be Show Answer

Q131) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales.what will be the final remittance Show Answer

Q132) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are taken over by B at 95% of cost .A's share of profit will be Show Answer

Q133) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are taken over by B at 95% of cost .what will be the final remittance Show Answer

Q134) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are stolen..A's share of profit will be Show Answer

Q135) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are stolen..what will be the final remittance Show Answer

Q136) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are stolen.A is entitle to get interest on capital @ 5% irrespective of utilization period .A's share of profit will be Show Answer

Q137) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales remaining goods are stolen.A is entitle to get interest on capital @ 5% irrespective of utilization period .what will be the final remittance Show Answer

Q138) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales A drew a bill on B for an amount equivalent to 80% of original cost of goods .what will be the final remittance Show Answer

Q139) A and B entered into a joint venture profit sharing ratio between A and B is 3:2 .A purchased goods costing Rs.2,00,000.B sold 95% goods for Rs.2,50,000.A is entitled to get 1% commission on purchase & B is entitled to get 5% commission on sales A drew a bill on B for an amount equivalent to 80% of original cost of goods .A's share of profit will be Show Answer

Q140) A purchased goods costing Rs.4,00,000 , B sold 4/5th of the goods for Rs.5,00,000.balance goods were taken over by B at cost less 20% ,if the same sets of books is maintained ,find out profit on venture? Show Answer

Q141) A purchased goods costing Rs.4,00,000 , B sold 4/5th of the goods for Rs.5,60,000. unused material costing Rs.20,000 taken over by A at Rs.16000 is entitle to get 1% commission on purchase .b is entitle to get 2% on sales .Profit sharing ratio equal ,A's share of profit on venture will be Show Answer

Q142) A & B enter into joint venture by opening a joint bank account contributing Rs.20,00,000 .The profit sharing ratio between A & B is 3;2 . How much amount to be contributed by A ? Show Answer

Q143) A & B enter into joint venture sharing profit & losses equally ,. A purchased 200 kg of rice @ Rs.20 kg.brokerage paid Rs.400 , carriage paid Rs.600 . B sold 90% goods @ Rs.22kg.Balance rice were taken over by B at cost less 20% .the value of rice taken over to be recorded in joint venture will be Show Answer

Q144) A & B enter into joint venture sharing profit & losses equally ,. A purchased 10,000 kg of rice @ Rs.50 per kg.brokerage .B purchased 2,000 kg of wheat @ Rs.60 per kg . A sold 2000 Kg of wheat @ Rs.70 per kg & B sold 10,000 Kg of rice @ Rs.60 per kg the profit on venture when same sets of books is maintained will be Show Answer

Q145) A & B enter into joint venture sharing profit & losses equally ,. A purchased 10,000 kg of rice @ Rs.50 per kg.brokerage .B purchased 2,000 kg of wheat @ Rs.60 per kg . A sold 2000 Kg of wheat @ Rs.70 per kg & B sold 10,000 Kg of rice @ Rs.60 per kg the final remittance when same sets of books is maintained will be Show Answer

Q146) In joint venture A contributes Rs.10,000 & B contributes Rs.20,000 ,Goods are purchased for Rs.22,400.Expenses amount to 1,600 . Sales amount to Rs.28,000.The remaining goods were taken by B at an agree price of Rs.800.A & B share profit & losses in the ratio of 1:2 respectively ,as a final settlement ,how much A will receive ? Show Answer

Q147) A and B enter into a joint venture by opening a joint bank account contributing Rs.4,00,000.each. The expenses incurred on venture is exactly equal to Rs.4,00,000.Once the work is completed , contract money received by cheque Rs.4,00,000 and in shares Rs.1,00,000 .The shares are sold for Rs.80,000 what will be the profit Show Answer

Q148) Goods costing Rs.10,000 are taken over by X at 20% less Show Answer

Q149) A and B enter into a joint venture for purchase and Sale of typewriter .A purchased typewriter costing Rs.2,00,000 ,printing expenses Rs.20,000 repairing expenses Rs.20,000 . B sold it at 20% margin on selling price .The Sales value will be Show Answer

Q150) 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: Show Answer

Q151) 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 Show Answer

Q152) Goods costings Rs.2,00,000 sent out to consignee at cost + 25%.Invoice value of the goods will be : Show Answer

Q153) Goods costings Rs.1,80,000 sent out to consignee to show a profit of 20% on Invoice price of the goods will be : Show Answer

Q154) Goods of the Invoice value Rs.2,40,000 sent out to consignee at 20% profit on cost .The loading amount will be : Show Answer

Q155) 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 Show Answer

Q156) 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 ; Show Answer

Q157) 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: Show Answer

Q158) 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: Show Answer

Q159) 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 Show Answer

Q160) Which of the following is not true: Show Answer

Q161) 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 : Show Answer

Q162) 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 Show Answer

Q163) Which of the following is wrong Show Answer

Q164) 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 Show Answer

Q165) 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 Show Answer

Q166) Commission will be shared between Show Answer

Q167) 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 Show Answer

Q168) 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 Show Answer

Q169) 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 Show Answer

Q170) In the books of consignor , the profit of consignment will be transferred to : Show Answer

Q171) 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 Show Answer

Q172) 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 Show Answer

Q173) 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 Show Answer

Q174) 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 Show Answer

Q175) 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 Show Answer

Q176) Out of the following at which point the treatment of 'Sales' and 'consignment' is same Show Answer

Q177) If del-creder's commission is allowed ,bad debt consignee will debit the bad debt amount to Show Answer

Q178) A proforma invoice is sent by Show Answer

Q179) Which of the following is correct Show Answer

Q180) 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 Show Answer

Q181) 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 Show Answer

Q182) Consignment account is prepared in the books of Show Answer

Q183) 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 Show Answer

Q184) Consignment stock will be recorded in the balance sheet of consignor on asset side at Show Answer

Q185) Which of the following expenses of consignee will be considered as non -selling expenses Show Answer

Q186) The consignment accounting is made on the following basis Show Answer

Q187) 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: Show Answer

Q188) 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 Show Answer

Q189) which of the following item is not credited to consignment account Show Answer

Q190) 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 Show Answer

Q191) 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 Show Answer

Q192) 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 Show Answer

Q193) If Del-creder's commission is allowed by consignor to consignee the bad debt treatment will be (in the books of consignor ) Show Answer

Q194) The owner of the consignment stock is Show Answer

Q195) The nature of consignment account is Show Answer

Q196) Goods sent on consignment at cost + 33 1/3 % .The percentage of loading on invoice price will be Show Answer

Q197) 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 Show Answer

Q198) The balance of goods sent out on consignment will be transferred to: Show Answer

Q199) 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 Show Answer

Q200) In the books of consignee , the profit of consignment will be transferred to : Show Answer

Q201) 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 Show Answer

Q202) 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 Show Answer

Q203) 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 Show Answer

Q204) 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 Show Answer

Q205) Overriding commission is a commission payable to consignee by consignor for Show Answer

Q206) 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 Show Answer

Q207) Consignment account is Show Answer

Q208) In the books of consigner, the loss on consignment business will be charged to Show Answer

Q209) 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? Show Answer

Q210) 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 Show Answer

Q211) If consignor draws a bill on consignee and discounted it with the banker the discounting charges will be debited in Show Answer

Q212) 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: Show Answer

Q213) MATCH THE PAIRS :- the relationship between consignor and consignee is; Show Answer

Q214) Entire profit on consignment business belongs to Show Answer

Q215) Accounts Sales Show Answer

Q216) Del-credere commission Show Answer

Q217) 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` Show Answer

Q218) 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 Show Answer

Q219) Which of the following is true ? Show Answer

Q220) The relationship between the consignor & the consignee is that of Show Answer

Q221) 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 Show Answer

Q222) with reference to consignment which of the following is correct Show Answer

Q223) with reference to consignment which of the following is correct Show Answer

Q224) with reference to consignment which of the following is correct Show Answer

Q225) consignee sends to consignor Show Answer

Q226) consignor sends to consignee Show Answer

Q227) over riding commission is allowed Show Answer

Q228) del-credere commission is allowed Show Answer

Q229) The commission received from consignor will be transferred to which account Show Answer

Q230) commission belongs to Show Answer

Q231) the commission allowed by consignor to the consignee to bear the bad debts on account of credit sales Show Answer

Q232) unless otherwise agreed.Del-creder & over-riding commission are allowed on Show Answer

Q233) if del-credere commission is allowed for bad debts, consignee will debit the bad debts amount to Show Answer

Q234) If del-credere commission is not allowed for bad debts , consignee will debit the bad debts amount to Show Answer

Q235) if del-credere commission is allowed by consignor to consignee the bad debt (in the books of consignor) will be Show Answer

Q236) if del-credere commission is not allowed by consignor to consignee the bad debt (in the books of consignor) will be Show Answer

Q237) if the consignee is not authorised to get del-credere commission, then Show Answer

Q238) over riding commission is payable to consignee by consignor for Show Answer

Q239) which one of the following is not true Show Answer

Q240) consignment account is Show Answer

Q241) consignment account is prepared in the books of Show Answer

Q242) consignee account is prepared in the books of Show Answer

Q243) consignor account is prepared in the books of Show Answer

Q244) Goods sent on consignment account is prepared in the books of Show Answer

Q245) In the books of consignor , the loss of consignment will be transferred to : Show Answer

Q246) which of the following expenses of consignee will be considered as non-selling expenses Show Answer

Q247) Which of the following expenses is not considered as part of cost of stock Show Answer

Q248) discount charges of Rs.1,000 on discounting a bill receivable accepted by the consignee are debited to Show Answer

Q249) Stock lost due to fire, theft, flood etc is Show Answer

Q250) Cost of goods lost by fire Rs.5,000, insurance co. paid a claim of 80 %,in this case consignment account will be Show Answer

Q251) With reference to consignment which of the following is correct Show Answer

Q252) with reference to consignment which of the following is correct Show Answer

Q253) With reference to consignment which of the following is correct Show Answer

Q254) Insurance claim for loss-in -transit received by consignor is Show Answer

Q255) Insurance claim for loss-in -transit received by consignee is Show Answer

Q256) In the case of goods returned by the consignee Show Answer

Q257) With reference to consignment loading is the difference between Show Answer

Q258) When selling price is equal to invoice price & no adjustment is made to eliminate loading consignment account will show Show Answer

Q259) consignee does not pass any entry for Show Answer

Q260) with reference to consignment which of the following is correct Show Answer

Q261) to eliminate loading on opening stock Show Answer

Q262) To eliminate loading on closing stock Show Answer

Q263) to eliminate loading on goods sent on consignment account Show Answer

Q264) which of the following is correct Show Answer

Q265) Goods costing Rs.4,00,000 sent out to consignee at cost + 25% . Invoice value of the goods will be Show Answer

Q266) 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 Show Answer

Q267) 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 Show Answer

Q268) 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 Show Answer

Q269) 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 Show Answer

Q270) 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 Show Answer

Q271) 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 Show Answer

Q272) 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 Show Answer

Q273) 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 Show Answer

Q274) 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 Show Answer

Q275) 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 Show Answer

Q276) 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 Show Answer

Q277) 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 Show Answer

Q278) 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 Show Answer

Q279) 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 Show Answer

Q280) 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 Show Answer

Q281) 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 Show Answer

Q282) 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 ? Show Answer

Q283) 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 Show Answer

Q284) 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 Show Answer

Q285) 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 Show Answer

Q286) 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 Show Answer

Q287) 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 Show Answer

Q288) 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 Show Answer

Q289) 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 Show Answer

Q290) 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 Show Answer

Q291) 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 Show Answer

Q292) 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 Show Answer

Q293) 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 Show Answer

Q294) 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 Show Answer

Q295) 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 Show Answer

Q296) 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 Show Answer

Q297) 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 Show Answer

Q298) 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 Show Answer

Q299) 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 Show Answer

Q300) 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 Show Answer

Q301) 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 Show Answer

Q302) 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 Show Answer

Q303) 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 Show Answer

Q304) 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 Show Answer

Q305) 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 Show Answer

Q306) 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 Show Answer

Q307) 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 Show Answer

Q308) 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 Show Answer

Q309) 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 Show Answer

Q310) 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 Show Answer

Q311) 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 Show Answer

Q312) 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 Show Answer

Q313) 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 Show Answer

Q314) 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 Show Answer

Q315) 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 Show Answer