Accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2011
X of Kolkata sends out 2000 boxes to Y of Delhi costing Rs. 100 each. Consignors expenses Rs. 5000. 1/10th of the boxes were lost in consignees godown and treated as abnormal losses. 1200 boxes were sold by consignee. The value if consignment stock will be?
OPTIONS:
(a) 68,333
(b) 61,500
(c) 60,000
(d) 60,250
Please explain the method and calculation.
Thanks a lot in advance.
OPTIONS:
(a) 68,333
(b) 61,500
(c) 60,000
(d) 60,250
Please explain the method and calculation.
Thanks a lot in advance.
Hari Beldona
(Expert)
09 December 2011
Note:1.Abnormal loss will reduce both quantity and value
2.Normal loss will reduce quantity only (but not value)
Goods sent on consignment 2,00,000
Consignor's Expenses 5,000
Cost of consignment 2,05,000
Less:Abnormalloss200boxes
205000/2000x200= 20,500
Less:Cost of goods sold
205000/2000x1200= 1,23,000
Value of consignment stock
(2000-200-1200)=600boxes
2,05,000-20,500-1,23,000= 61,500
If it Normal Loss:
Goods sent on consignment 2000Boxes 20000
Consignors expenses 5000
Less Normal Loss 200 --
Cost of consignment 1800 20500
Less Cost of goods sold 1200
20500/1800x1200= 136667
Value of closing stock 200
(205000-136667)= 68333
2.Normal loss will reduce quantity only (but not value)
Goods sent on consignment 2,00,000
Consignor's Expenses 5,000
Cost of consignment 2,05,000
Less:Abnormalloss200boxes
205000/2000x200= 20,500
Less:Cost of goods sold
205000/2000x1200= 1,23,000
Value of consignment stock
(2000-200-1200)=600boxes
2,05,000-20,500-1,23,000= 61,500
If it Normal Loss:
Goods sent on consignment 2000Boxes 20000
Consignors expenses 5000
Less Normal Loss 200 --
Cost of consignment 1800 20500
Less Cost of goods sold 1200
20500/1800x1200= 136667
Value of closing stock 200
(205000-136667)= 68333
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