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CPT Problem - Consignment

Hemalalitha R (IPCC Student) (50 Points)

31 May 2009

Hi,

I am new to CACLub. I hv just cleared 12th Std. (Commerce group). I am going to appear CPT Exam in June 28. I hv a query in Consignment a/c as follows.

P of Faridabad sent out goods costing Rs.45,000 to Y of Delhi at cost + 33 1/3 %.1/10th of goods were lost in transit . 2/3 of the goods were sold at 20% above IP. The amount of sale value will be

a) Rs.54,000

b)Rs. 43,200

c)Rs. 60,000

d)Rs 36,000

Please explain the answer.

Thanks in advance.

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18 Replies

Skand Kamat (Student) (197 Points)
Replied 31 May 2009

Hi.....

The answer is 43,200.00

Working-

45000+15000=60000 Invoice price (45000*1/3=15000)

Goods lost 60000*1/10=6000

IP Of goods sent to Consignee = 60000-6000 = 54000

Goods sold by consignee is 2/3 at 20% above IP.

i.e. 54000.00*2/3 = 36000

36000+20%

36000+7200 = 43200

Hope this helps... Thank you

1 Like

Hemalalitha R (IPCC Student) (50 Points)
Replied 31 May 2009

Thanks a lot. I hv not considered goods in transit.(to be subtracted to arrive at goods sent to consignee).

AISHWARYA (-------) (38 Points)
Replied 15 June 2009

x of kolkata sends out goods costing 300000 to y of mumbai at cost + 25% consignor's expenses Rs.5000.1/10th of the goods were lost in transit.insurance claim received Rs.3000.the net loss on account of abnormal loss is?

a.27500

b.25500

c.30500

d.27000

AISHWARYA (-------) (38 Points)
Replied 15 June 2009

A of kolkata sends out 500 boxes to B of delhi costing Rs.200 each. consignor's expenses Rs.5000.1/5th of the boxes were still in transit.3/4th of the goods received by consignee were sold.the amount of goods still in transit will be:

a.20000

b.21000

c.21200

d.none

please explain the above two problems it ll be very helpful me

i am aishwarya going to write cpt this june 28

Skand Kamat (Student) (197 Points)
Replied 16 June 2009

Hi Aishwarya,

1 Problem answer -

Goods sent 300000

Lost - 300000*10/100 = 30000 ( Abnormal Loss)

For abnormal loss u need to add Consignor's expensess i.e for 30000 which is lost.

So 5000/300000*30000 = 500. Total Abnormal loss is 30500 - 3000( Claim) = 27500.00

2 Problem

200*500 = 100000

100000*1/5 = 20000 + Consignor's expensess

5000/100000*20000 = 1000

So the answer will be 21000.00

Hope this helps

Hemalalitha R (IPCC Student) (50 Points)
Replied 16 June 2009

Why is the insurance claim received Rs. 3000/= not deducted from abnormal loss?

Skand Kamat (Student) (197 Points)
Replied 16 June 2009

sorry I did not see the claim on the right side. Thanks for mentioning it. In that case the abnormal loss will be 30500-3000 = 27500

AISHWARYA (-------) (38 Points)
Replied 16 June 2009

thanks a lot.u r explanation is very clear.i can understand by just seeing u r answer.so if u can just give me some more problems that is one word problems for cpt from inventory and consignment with full explanations it will be very helpful to me.if u give me more number of problems with explanations it will be very helpful to me for doing cpt.so please help me.

AISHWARYA (-------) (38 Points)
Replied 16 June 2009

ya please help me by giving more number of problems with explanations.just send to my id aishu_v @ yahoo.com. so please help me.

Skand Kamat (Student) (197 Points)
Replied 16 June 2009

If you can give me the problems where you have difficulties i can solve those and give you the answers with explination.

sakamuri (IPCC) (185 Points)
Replied 03 September 2010

A company issued 1,00,000 euqity shares of Rs. 10 each at a premium of Rs. 2 and 5,000 10% Debentures of Rs. 100 each at 10% discount. All the shares and debentures were subscribed and allotted by crediting 10% Debentures account with

kajol bhandari (4 Points)
Replied 02 December 2016

pl help me in this question

A of Ahmedabad sent out certain goods so as to show a profit of 20% on invoice price. 1/10th of goods were lost in transit. The cost price of goods lost is Rs. 20,000. the invoice value of goods sent out is:

(a) 2,50,000

(b) 2,00,000

(d) 2,40,000

Sumathi (STUDENT) (2 Points)
Replied 11 December 2016

Please help me solving this problem..........

Prashant gupta of hyderabad purchased 2,500 TV sets of which he sends 1000 TV sets of RS 4,000 each to KCR of Vijaywada on consignment basis. invoice price of TVs is 25% on cost. packing expenses incurred by consignor is RS 25,000. Consignee was allowed simple commission @ 5% ,del-credere commission @ 1% and over ridding commission @ 10% on excess of invoice price .

consignment was booked on fright "to pay basis" @ 2% on proforma invoice price .

generally goods lost in transit are 15 TV sets but actual loss is 100 TV sets . Insurance claim received from insurance company RS 2,00,000. advance from KCR in the form of demand draft RS 2,50,000.

KCR sold 750 TV sets @ RS 7,500 each . KCR incurrred repair expenses on stock RS 25,000. one of the customers failed to pay on 5 TV sets . 1,500 TV sets sold at hyderabad @ 7000 each. expenses in hyderabad showroom are Rs 50,000. market value of stock is reduced by 10%.

prepare the consignment account and trading profit & loss account in yhe books of Prashanth Gupta .