CONSIGNMENT
COST OF GOODS 2,00,000
SOLD 3/5 FOR 1,40,000
COMM. 2% ON SALES + 20 OF GROSS SLAES LESS ALL COMM. EXCEEDS COST PRICE
THE AMOUNT OF COMMISSION (PLEASE CLARFY ANS.)
a 5667
B 5800
C 6000
D 5600
naeem shaikh (ipcc student ) (132 Points)
01 December 2012CONSIGNMENT
COST OF GOODS 2,00,000
SOLD 3/5 FOR 1,40,000
COMM. 2% ON SALES + 20 OF GROSS SLAES LESS ALL COMM. EXCEEDS COST PRICE
THE AMOUNT OF COMMISSION (PLEASE CLARFY ANS.)
a 5667
B 5800
C 6000
D 5600
Deepak Gupta
(CA Student)
(15922 Points)
Replied 01 December 2012
| Originally posted by : naeem shaikh | ||
 |
CONSIGNMENT COST OF GOODS 2,00,000 SOLD 3/5 FOR 1,40,000 COMM. 2% ON SALES + 20 OF GROSS SLAES LESS ALL COMM. EXCEEDS COST PRICE THE AMOUNT OF COMMISSION (PLEASE CLARFY ANS.) a 5667(ANS) B 5800 C 6000 D 5600 |
 |
Normal Commission = 2% of sales = 140000*2% = 2800
Special Commission = 20% (Gross Sales – Cost of Goods Sold – All Commission)
Let us assume special commission to be x
So, x = 20% [140000-(3/5*200000)-2800-x]
or, x = 0.2 (140000-120000-2800-x)
or, x = 28000-24000-560-0.2x
or, 1.2x = 3440
or, x = 3440/1.2 = 2867
Total Commission = 2800+2867 = 5667
Shubham kumar
(.)
(620 Points)
Replied 01 December 2012
CAclubindia
