Consignment – Test 3

Over-riding commission is a commission payable to consignee by consignor for-

Which of the following statement is wrong :

In the books of consignor, the balance in the goods sent on consignment account is shown: …….

In the books of consignor, the profit of consignment will be transferred to: …….

In the books of Consignee the expenses incurred by him on consignment are debited to-

If del-credere commission is allowed for bad debt, consignee will debit the bad amount to: …..

Del-credere commission is calculated on-

Normal losses are due to –

Which of the following statement is correct?

In Consignee book, the acceptance of bill of exchange by Consignee will be debited to:……..

If consignor draws a bill on consignee and discounted it with the banker the discounting charges will be debited in –

In the books of consignee, the sale of goods is credited to-

A proforma invoice is sent by –

Which of the following expenses of consignee will be considered as non-selling expenses-

For closing stock held by consignee which account must be debited?

Account Sales –

When Consignment A/c is prepared at invoice price, the profit element (difference of cost price and invoice price) included in the closing stock valued at invoice price shall be ……….

In case of a consignment business continued in the next year, the following accounting treatment will be recorded at the end of first year-

Which of the of the following statement is CORRECT in respect of goods sent to consignee?

In relation to consignment accounts:

Amount of ‘Abnormal Loss’ (Cost Price+Proportionate Expenses)

Which of the following items is NOT included in the ‘Account Sale’?

Which of the following statement is INCORRECT in respect of consignment accounts?

If market price of closing stock is also known while preparing Consignment A/c-

When the the bill of exchange drawn by the Consignor is accepted by the Consignee which account will be credited in the books of the consignor?