Inter PN-6 Financial Accounting Quiz 2

1. X sends out good to Y, costing ₹1,50,000 to Y. goods are to be sold at cost + 33 1/3%. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be:

2. Account sales         

3. Any account sale is the periodical summary statement sent by the                 to the       

4. X of Kolkata send out goods costing                   ₹ 1,00,000 to Y of Delhi. 3/5th of the goods were sold by consignee for Rs. 70,000.Commission exceeds cost price. The amount of Commission will

be:

5. X of Kolkata send out certain goods at cost + 25%. Invoice value of goods sends out ₹2,00,000. 4/5th of the goods were sold by consignee at ₹1,76,000. Commission 2% upto invoice value & 10% of any surplus above invoice value. Amount of commission is

6. A sends out goods costing ₹2,00,000 to B. Consignor's expenses ₹5,000. Consignor's expenses in relation to sales ₹3,000. 4/5th of goods were sold at 20% above cost. The profit on consignment will be            .

7. X of Kolkata sends out 100 boxes to Y of Delhi costing ₹200 each. Consignor's expenses : ₹4,000 . Consignee's expenses: non-selling₹900 and selling ₹500. 1/10th of the boxes were lost in transit. 2/3rd of the boxes received by consignee were sold. The amount of consignment stock will be        .

8. Goods will be sent on consignment at invoice price which is 20% above cost. 1/5th of the goods costing ₹60,000 were damaged in transit. Find out invoice price of the goods sent on consignment basis.

9. K of Kolkata sends out 400 bags of jute to T of Tamilnadu costing ₹200 each. Consignor expenses ₹2,000. Y's non-selling expenses is ₹2,000 and selling expenses is ₹1,000. 300 bags were sold by Y. Value of consignment stock is              .

10. The nature of Consignment A/c and Consignee's A/c will be

11. A proforma invoice is sent by .

12. On January 01, 2023, Mr. S drew a six months bill on Mr. H for ₹15,000 for mutual accommodation and the bill was duly accepted by Mr. H. Mr. S discounted the bill on the same day with a bank at 10% p.a. and remitted one third proceeds to Mr. H. The discount to be borne by Mr. S is          .

13. Miss V draws a genuine trade bill of ₹25,000 for 6 months on Mr. After holding the bill for 1.5 months, as a result of unexpected requirement of cash, she immediately discounts the bill with the bank@ 10% p.a. The amount of the discount on bill

is             .

14. On dishonor of a bill of exchange that has been discounted, notingcharges are initially paid by .

15. Which class of account is Consignment Account?

16. Raju draws a bill on Sampat on 25th October, 2021 for 90 days, the maturity date of the bill will be           .

17. X draws a bill on Y for ₹ 1,80,000 for mutual accommodation in the ratio of 2:1. X got it discounted for ₹1,69,200 and remitted 1/3rd of the proceeds to Y. How much money should be remitted by X to Y at the time of maturity so as to enable Y to honour the bill?

18. Which of the following commission is allowed by the consignor to the consignee to encourage the consignee for putting-up hard work in introducing new product in the market?

19. A and B enter into a joint venture sharing profit and losses in the ratio of 3:2. A purchased goods costing ₹2,00,000. B sold 95% goods for ₹2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. A drew a bill on B for an amount equivalent to 80% of original cost of goods. A got it discounted at ₹1,50,000. What is A's share of profit?

20. The person to whom bill is endorsed is known as

21. Which of the following is/ are the basic features of a Joint Venture

22. A and B purchased a piece of land for ₹30,000 and sold it for ₹60,000 in 2022. Originally A had contributed ₹12,000 and B ₹8,000. The profit on venture will be    .

23. Kuntal draws a bill on shyam for Rs. 7,000.Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:

24. If any stock is taken by a co-venturer, it will be treated as

25. The Accommodation bill is drawn