Daily Quiz - Consignment

P of Delhi sends out 1,000 boxes of toothpaste costing 200 each. Each box consist of 12 packets. 600 boxes were sold by consignee at 20 per packet. Amount of sale value will be

• Rs. 1,44,000

• Rs. 1,20,000

• Rs. 1,32,000

• Rs. 12,000

X of Kolkata sends out 2,000 boxes to Y of Delhi costing 100 each. Consignor’s expenses 5,000. 1/10th of the boxes were lost in consignee’s godown and treated as normal loss. 1,200 boxes were sold by consignee. The value of consignment Inventories will be

• Rs. 68,333

• Rs. 61,500

• Rs. 60,000

• Rs. 61,667

X of Kolkata sent out 2,000 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

• Rs. 1,74,000

• Rs. 2,00,000

• Rs. 2,90,000

• Rs. 1,57,241

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

• Ownership transfer

• Money receive.

• Inventories outflow.

• Billing

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

• Commission Earned A/c

• Consignor’s A/c

• Trade receivables (Customers) A/c

• Consignee's A/c

Which of the following statement is correct

• Consignee will pass a journal entry in his books at the time of receiving goods from consignor.

• Consignee will not pass any journal entry in his books at the time of receiving goods from consignor

• The ownership of goods will be transferred to consignee at the time of receiving the goods

• Consignee will have a share the Consignment profit

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

• Invoice Value

• At Invoice value less Inventories reserve

• At lower than cost price

• At Market price

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

• Advertisement

• Godown Insurance

• Selling Expenses

• Freight inward

The consignment accounting is made on the following basis:

• Accrual

• Realisation

• Cash Basis

• Approval basis

Which of the following item is not credited to consignment account?

• Cash sales made by consignee

• Credit sales made by consignee

• Inventories Reserve on closing consignment Inventories

• Consignee's commission