Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ram of Bombay sends out goods costing 80,000 to Mohan of Kanpur so as to show 20% profit on invoice value. 3/5th of the

 

Ram of Bombay sends out goods costing 80,000 to Mohan of Kanpur so as to show 20% profit on invoice value. 3/5th of the goods received by consignee is sold at 5% above invoice price. The amount of sale value will be: A B C 63,000 60,000 50,400 D 40,000

Step by Step Solution

3.34 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

D 40000 Explanation Given Invoice value of goods 80000 Profit 20 Selling price of 35th of ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Concepts In Federal Taxation

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

19th Edition

978-0324379556, 324379552, 978-1111579876

More Books

Students also viewed these Accounting questions

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

Examine various types of executive compensation plans.

Answered: 1 week ago

Question

1. What is the meaning and definition of banks ?

Answered: 1 week ago