Over riding commission is allowed

X sent out 1000 boxes to Ram of Delhi costing Rs. 100 each at a profit of 1/6^th on invoice price. Goods sent out on consignment to be credited in general trading will be

A and B enter into a joint venture sharing profit and loss in ratio 3 : 2. A purchased goods costing Rs. 2, 00, 000. B sold 95% goods for Rs. 2, 50, 000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. Remaining goods are stolen. A's share of profit is

A and B enter into a joint venture by opening a joint bank account contributing Rs. 20, 00, 000. The profit sharing ratio between A and B is 3 : 2. How much amount is to be contributed by A?

X sent out to Y goods costing Rs. 4, 00, 000 at cost plus 25% with the instruction to sell it at cost plus 50%. If 4/5^th of the goods are sold at stipulated selling price and commission allowable is 2% on sales. What will be the profit on consignment in the books of consignor?

2000 kg of apples are consigned to a wholesaler, the cost being Rs. 3 per kg plus Rs. 400 as freight, it is known that a loss of 15% is unavoidable. The cost per kg will be

Which of the following statements is wrong?

Cost of goods lost by fire Rs. 5, 000, insurance company paid a claim of 80%. In this case consignment account will be

The term of a bill 'after date commences'

A and B enter into a joint venture sharing profit and loss in ratio 3 : 2. A purchased goods costing Rs. 2, 00, 000. B sold 95% goods for Rs. 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 Rs. 1, 50, 000. A's share of profit is

If the consignee is not authorised to get del credere commission, then

Total of Bills Payable Journal is posted to the

With reference to consignment, which of the following is correct?

Fee paid in cash to notary public is charged from

(i) X and Y enter into a joint venture sharing profit & loss in the ratio of 3 : 2. (ii) X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales. (iii) X purchased goods for Rs. 4, 00, 000 and sent the same to Y. Supplier allowed a cash discount of 5%. (iv) X drew a bill on Y for an amount equivalent to 80% of the original cost of goods. X got it discounted at Rs. 3, 00, 000. (v) Y sold 50% goods for Rs. 5, 00, 000 and paid Rs. 4, 000 towards selling & administration expenses and insurance and Rs. 1, 000 still outstanding. Y allowed a cash discount of 5% to a customer to whom goods were sold for Rs. 2, 00, 000. Bad debts amounted to Rs. 16, 000. (vi) 50% of balance goods are taken over by Y at 60% of cost. (vii) Remaining goods were destroyed by fire and insurance claim was received by Y to the extent of 60%.

The profit in the joint venture is

(i) X and Y enter into a joint venture sharing profit & loss in the ratio of 3 : 2. (ii) X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales. (iii) X purchased goods for Rs. 4, 00, 000 and sent the same to Y. Supplier allowed a cash discount of 5%. (iv) X drew a bill on Y for an amount equivalent to 80% of the original cost of goods. X got it discounted at Rs. 3, 00, 000. (v) Y sold 50% goods for Rs. 5, 00, 000 and paid Rs. 4, 000 towards selling & administration expenses and insurance and Rs. 1, 000 still outstanding. Y allowed a cash discount of 5% to a customer to whom goods were sold for Rs. 2, 00, 000. Bad debts amounted to Rs. 16, 000. (vi) 50% of balance goods are taken over by Y at 60% of cost. (vii) Remaining goods were destroyed by fire and insurance claim was received by Y to the extent of 60%.

The final remittance is

When a large number of articles is sent on a sale or return basis, it is necessary to maintain

Under sales on return or approval basis when the transaction are large and the seller sends the goods on approval or return basis, the accounting treatment will be

Which of the following statements is not true?

A company sends its cars to dealers on 'Sale or Return' basis. All such transactions are however treated like actual sales and are passed through the sales per day book. Just before the end of the financial year two cars which cost Rs. 50, 000 each have been sent on 'Sale or Return' and have been debited to customers at Rs. 60, 000 each, cost of goods lying with the customers will be

A draws a bill on B for Rs. 1, 50, 000 for 3 months. At maturity, the bill returned dishonoured, noting charges Rs. 1, 500. 40 paise in a rupee is recovered from B's estate. The amount of deficiency to be recorded on insolvency in the books of B will be

If the due date is a public holiday, what will be the due date of the bill?

X drew a bill on Y for Rs. 3, 000. X endorsed it to Z who endorsed it to W. The payee of the bill will be

A bill drawn on 23.11.2005 as payable 60 days after date was accepted on 24.11.2005. The date of maturity of this bill will be