Please help me in solving one consignment problem.

Page no : 2

majeetha parveen.s.m (student) (26 Points)
Replied 28 December 2010

consignment stock as per invoice price

when profit percentage is given on invoice price it should be found out as given below:

cost price=100000*20/80=25000,therfore IP=125000(100000+25000)

LOST IN TRANSIT=125000*1/10=12500

balance goods=112500(125000-12500)

1/2 of the goods were sold=112500/2=56250,therfore the remaining half is unsold

consignment stock(unsold stock)=56250

when consignment stock is found as per cost price the answer vl be 45000

therefore stock reserve on consignment stock vl be=56250-45000=11250

hope u understand the solution...........

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majeetha parveen.s.m (student) (26 Points)
Replied 28 December 2010

consignment stock as per invoice price

when profit percentage is given on invoice price it should be found out as given below:

cost price=100000*20/80=25000,therfore IP=125000(100000+25000)

LOST IN TRANSIT=125000*1/10=12500

balance goods=112500(125000-12500)

1/2 of the goods were sold=112500/2=56250,therfore the remaining half is unsold

consignment stock(unsold stock)=56250

when consignment stock is found as per cost price the answer vl be 45000

therefore stock reserve on consignment stock vl be=56250-45000=11250

hope u understand the solution...........

majeetha parveen.s.m (student) (26 Points)
Replied 28 December 2010

Goods sent on consignment invoice value 2,00,000 at cost+33 1/3%.1/5th of the goods were lost in transit.Insurance claim received rs 10,000.the amount of abnormal loss to be transferred to general P&L a/c is ? ans is Rs 20,000 . can anyone help me in solving this question.......

and i have posted my previous reply twice...if anyone knows how to delete the reply that is posted more than once plz let me know.......

mridul savio Pinto (articled trainee ) (1477 Points)
Replied 28 December 2010

well majeetha,

in the first problem instead of following such a long process . it is very simple 20 pc on invoice price means 25 pc on cost so . the stock reserve vl be 45000*25pc = 11250

in the second sum 200000*1/5 =40000 i,e 33.13 pc on cost means 25 pc on sales . 40000*25pc =10000

40000-10000 -insurance claim =20000

.33.13/133.13*100 =25 pc follow the same procedure for others .

majeetha parveen.s.m (student) (26 Points)
Replied 28 December 2010

I knew dat it was a long process but i got the answer only after doing all those workings, anyways thank you for the simple procedure and solution for the 2nd sum......

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mridul savio Pinto (articled trainee ) (1477 Points)
Replied 29 December 2010

ur welcome

navya (--------------------) (21 Points)
Replied 29 March 2011

X of kolkatha sends out 400 baga to Y on delhi costing rs200 each. consignor exps rs 2000. Y exps non selling rs 2000, selling rs 1000. 300 bags were sold by Y. value of consignment stock is

waleed (A) (27 Points)
Replied 11 February 2014

i have a doubt on certain questions of consignment plz answer me quickly ////

Q1. 1000 kg apples are consigned to a wholeseller . the cost being is rs 3 per kg . rs 40 of freight . its known that a loss of 15 % is unavoidable . the cost per kg will be.

Q2. DRAVID of delhi sends outs goods to sourav of kolkata . goods costing rs 20000 at cost + 25 % with the instructionm to sell it at cost + 50% . if 4/5 of the goods are sold at stipulated selling price and commision allowable 2% sales .. what will b the profit on consignment ion the books of consignor ?

Sarthak (Student) (21 Points)
Replied 04 December 2014

X consigned 100 boxes of mangoes each box costing Rs.400/- to Y.X incurred Rs1500/- towards transportation and insurance.Y paid Rs.500/- as godown rent & Rs.1000/- as selling expenses.Due to weather conditions 10 boxex were totally spoiled and were not fit for consumption.Y sold 70 boxes @ Rs.550/- per box.Find the profit on consignment sales?

Answer:-Rs.4722/-

Can anyone help me in soving this problem PLEASE....

vaishnavivyshu (student) (21 Points)
Replied 09 December 2014

A sends out goods costing 200000 to B. consignor's expenses 5000 consignees expenses in relation to sales 3000 4/5th of goods sold at 20% above cost the profit on consignment

ans:25000

CAN ANYONE HELP ME IN SOLVING THIS PROBLEM

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MD. SALAM (2 Points)
Replied 06 December 2018

Cost of 3/5th goods = 60,000 Sale value= 70,000 Commission= 2% on sales = 1400 Difference =10,000 10,000- 1400= 8600 8600×20÷120= 1433.333... Total commission= 1400+1433.333 2833.333.... Here in problem given on IP 20% , On cost = 16.66..... it means 20÷120

Komal Kashyap (2 Points)
Replied 24 June 2019

A and B who share profit and losses in the ratio of 3 : 2 has the following balances capital of A rupees 50000 and capital of B rupees 30000. reserve funds 15000. they admit C as a partner, who contributes to the firm rs 25000 for 1/6th share in the partnership. if C is to purchase 1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for rs 25000. find closing capital of C