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CA CPT June 2015 Question Paper Fundamentals of Accounting for online practice

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Question : 38

Total: 60

13,20038.5,000 meters of cloth was sent out on consignment basis at an invoice price of Rs 30 per meter whichwere purchased by consignor at a price of Rs. 20 per meter consignor’s expenses amounted to Rs. 5,500consignee’s expenses amounted to Rs 2,000. Consignee’s sold 4,000 meters at Rs. 40 per meter. He isentitled to a commission of 5% on total sales plus a further 20% of any surplus realized above theinvoice price. Due to fall in the market price, the inventory of cloth is to be reduced by 10%. Calculatedthe profit on consignment?

Rs 54,500
Rs 63,500
Rs 56,400
Rs 55,490

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