wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Goods sent on consignment Invoice value Rs. 2,00,000, at cost plus 33.33% ,20% of the goods were lost in transit. Insurance claim received Rs. 10,000. The amount of abnormal loss to be transferred to General Profit & Loss A/c is _______________ .

A
Rs. 30,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Rs. 20,000
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
Rs. 35,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Rs. 25,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C Rs. 20,000
Cost price of total stock = Invoice value ×34
= 2,00,000×34
= 1,50,000
Cost price of goods lost in transit = Total cost × 20100
= 1,50,000×20100
= 30,000
Abnormal loss = Cost price Insurance received
= 30,00010,000
= 20,000.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Other Applications of the Formula
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon