0 Consignment Accounts accountancy second year

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Consignment Accounts 1

Last Updated On: 27-Oct-2021Posted On: 27-Oct-2021

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Question 2.
What is the relation between consignor and consignee?
(a) Owner and employee
(b) Purchaser and seller
(c) Consignor and consignee
(d) Debtors and creditors
Answer:
c

Question 3.
The statement of account which is sent by the consignee after selling goods is known as :
(a) Invoice
(b) Statement of Sale
(c) Account of Sale
(d) Performa Invoice
Answer:
b

Question 4.
In consignment, while valuing remaining unsold stock with consignee, which proportionate expenses of consignee is added?
(a) Octroi and freight
(b) Godown rent
(c) Advertisement expenses
(d) Sales expenses
Answer:
a

Question 5.
Consignor sent goods on consignee to consignment, consignor paid 5% commission on invoice price and 20% above on invoice price. Consignor sent goods worth Rs 80,000 at a invoice price of Rs 1,00,000, which is sold in Rs 1,10,000. The amount of commission for agent:
(a)Rs 7,000
(b)Rs 8,000
(c)Rs 10,000
(d)Rs 5,800
Answer:
a

Question 6.
Goods sent on consignment worth Rs 12,000, that is 20% above the cost price. The cost of such goods will be:
(a)Rs 9,600
(b)Rs 15,000
(c)Rs 14,400
(d)Rs 10,000
Answer:
d

Question 7.
B/R received from consignee Rs 10,000 consignor discounted it from bank for Rs 9,600. What will be passed for discounting the bill?
(a) Bank A/c Dr. 9,600
Discount A/c Dr. 400
To B/R A/c 10,000
(b) Bank A/c Dr. 9,600
To Consignment A/c 400
To B/R A/c 10,000
(c) Bank A/c Dr. 9,600
Consignment A/c Dr. 400
To B/R A/c 10,000
(d) Bank A/c Dr. 9,600
Discount A/c Dr. 400
To Consignment A/c 10,000
Answer:
c