1001 Consignmnet (3)

Which of the following is credited to consignment account as income of consignment

• abnormal loss

• stock of consignment

• goods returned by consignee

• none of above

abnormal loss of consignment is __________ to consignment account, since we want to _______________

• Debited ; charge the loss arising from abnormal loss to consignment account

• Debited ; reverse the cost of abnormal loss from consignment account

• Credited ; charge the loss arising from abnormal loss to consignment account

• Credited ; reverse the cost of abnormal loss from consignment account

abnormal loss of consignment is __________ to general profit and loss account, since we want to _______________

• Debited ; charge the loss arising from abnormal loss to general profit & loss account

• Debited ; reverse the cost of abnormal loss from general profit & loss account

• Credited ; charge the loss arising from abnormal loss to general profit & loss account

• Credited ; reverse the cost of abnormal loss from General profit & loss account

While crediting abnormal loss to consignment account we credit it by ________ amount but it is debited to profit and loss account we debit _______ amount.

• entire cost of goods lost ; entire cost of goods lost

• net loss after adjusting insurance claim ; entire cost of goods lost

• entire cost of goods lost ; net loss after adjusting insurance claim

• net loss after adjusting insurance claim ; net loss after adjusting insurance claim

• consignment a/c will be Cr by Rs.35,000 ; general profit & loss a/c will be Dr by Rs.35,000 and Insurance claim would be shown in balance sheet at Rs.90,000

• consignment account will be Cr by Rs.125,000 ; general P & L a/c will be Dr by Rs.35,000 and Insurance claim would be shown in balance sheet at Rs.90,000

Mr. X, who has been appointed as consignee, has sold on credit basis goods of Rs.250,000 on behalf of consignor. Bad debts amounted to Rs.5,000. by what amount Mr. X should credit consignor's account if (a) He has not been allowed del creder commission (b) He has been allowed del creder commission

• (a) Rs.250,000 ; (b) Rs.245,000

• (a) Rs.250,000 ; (b) Rs.250,000

• (a) Rs.245,000 ; (b) Rs.250,000

• (a) Rs.245,000 ; (b) Rs.245,000

When goods have been sent on "freight to pay basis", freight charges will be levied on _________ and the same shall be paid by ________

• goods sent ; consignor

• goods delivered to conisgnee ; consignor

• goods delivered to conisgnee ; consignee

• goods sent ; consignee

Even though in case of freight to pay basis freight charges are paid by consignee, the same is chargeable on total goods consigned since it is charge for _________ and therefore it will be payable for ___________

• carriage of goods ; entire quantity sent

• delivery of goods ; entire quantity sent

• delivery of goods ; quantity actually delivered

• carriage of goods ; quantity actually delivered

Mr. X has been appointed as consignee, he has effected total sale of Rs.300,000 on behalf of consignor. Bad debts loss amounted to Rs.4,000. What effects will be given in commission earned account in the books of consignee if del creder commission is not paid to the consignee

• Commission earned a/c shall be credited by amount of commission & debited by bad debts loss

• Commission earned account shall be credited by amount of commission and bad debts loss

• Commission earned a/c shall be credited by amount of commission & no effect will be given for bad debts loss

Mr. X has been appointed as consignee, he has effected total sale of Rs.300,000 on behalf of consignor. Bad debts loss amounted to Rs.4,000. What effects will be given in commission earned account in the books of consignee if del creder commission is paid to the consignee

• Commission earned a/c shall be credited by amount of commission & debited by bad debts loss

• Commission earned account shall be credited by amount of commission and bad debts loss

• Commission earned a/c shall be credited by amount of commission & no effect will be given for bad debts loss