Query on "Consignment" in Accounts (CPT)
This query is : Resolved
IPCC Student
(Querist)
17 November 2009
Q. X sends out goods costing 1,00,000 to Y at cost + 25%. Consignor's expenses Rs. 2,000. 3/5th of the goods were sold by consginee at 85000. Commission 2% on sales + 20% of gross sales less all commission exceeds invoice value. Amount of commission will be ?
shakuntala chhangani
(Expert)
30 November 2009
Hi Pradeep, invoice price of total goods is 1,00,000+25% ie Rs. 1,25,000. since only 3/5 of the goods were sold ,only 3/5 of the invoice price will be considered for solution. Let the total commission be X. Now,
X = 85,000 x 2% + 20%[(85,000-X)- 75,000]
X = 1,,700 + 20%(10,000-X)
X = 1,700 + 2,000 - 0.20X
X + 0.20X = 3,700
1.2X = 3,700
X = 3083
Its from model Q papers of Institute. similar Q is appearing in study material with answer 2833. Regards,
CA Shakuntala Chhangani
X = 85,000 x 2% + 20%[(85,000-X)- 75,000]
X = 1,,700 + 20%(10,000-X)
X = 1,700 + 2,000 - 0.20X
X + 0.20X = 3,700
1.2X = 3,700
X = 3083
Its from model Q papers of Institute. similar Q is appearing in study material with answer 2833. Regards,
CA Shakuntala Chhangani
IPCC Student
(Querist)
30 November 2009
Thanks a lot for putting your valubale time in resolving the question.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Form 144 TDS Return Validation Error – Mandatory Fields
- Capital gains in IT returns
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
