Multiple Choice Questions on X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each Consigno........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each Consigno...........

General Accounting Principles Special Journals
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    X of Kolkata sends out 500 bags to Y costing Rs 400 each at an invoice price of Rs 500 each. Consignor’s expenses Rs 4,000 consignee’s non-selling expenses Rs. 1,000 and selling expenses Rs. 2,000. 400 bags were sold. the amount of Inventories Reserve will be

    Rs. 20,000

    Incorrect Answer

    nil

    Incorrect Answer

    Rs. 10,000

    Correct Answer

     Rs. 20,400

    Incorrect Answer
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    Explanation:

    X sends 500 bags @400 each to Y i.e 500*400= 2,00,000

    X sends that 500 bags at an invoice price i.e 500*500=2,50,000

    The remaining stock = 2,50,000-2,00,000=50,000

    The remaining stock of 100 bags is 50,000/500(i.e total bags)*100(remaining bags)=10,000

    By: SWAPNIL AGGARWAL
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