WorksheetsDaily Quiz - Consignment
Total questions: 10
Worksheet time: 13mins
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
