McqMate
Q. |
X sends out goods to Y, costing 3,60,000. Goods are to be sold at cost plus 25% on sales. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be |
A. | 2,88,000 |
B. | 2,16,000 |
C. | 2,70,000 |
D. | 3,36,000 |
Answer» A. 2,88,000 | |
Explanation: The sales value of the goods is 3,60,000 / (100 - 25) = 4,80,000. The advance payment requested by the consignor is equivalent to 60% of the sales value, so the amount of the advance will be 4,80,000 x 60% = 288,000. |
View all MCQs in
Fundamentals of AccountingNo comments yet