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Test: Joint Ventures - 2 - CA Foundation MCQ


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30 Questions MCQ Test - Test: Joint Ventures - 2

Test: Joint Ventures - 2 for CA Foundation 2024 is part of CA Foundation preparation. The Test: Joint Ventures - 2 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Joint Ventures - 2 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Joint Ventures - 2 below.
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Test: Joint Ventures - 2 - Question 1

If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:

Test: Joint Ventures - 2 - Question 2

A, B and C are co-venturer. The relative Profit sharing ratio between A and B is 3:2 and between B and C is also 3:2. Find out the profit sharing ratio between A, B and C.

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Test: Joint Ventures - 2 - Question 3

In case of Joint Venture business, the method of accounting to be followed is decided by:

Test: Joint Ventures - 2 - Question 4

The minimum number of co-venture will be atleast ____________ in joint venture business. 

Test: Joint Ventures - 2 - Question 5

 C and D enter into a joint venture to share profit in the ratio 5:3. Apart from the profit D is entitled to a commission of 5% of net profit after charging such commission. If net profit of joint venture is Rs. 33,600 before charging such commission. What will be share profit of C and D:

Test: Joint Ventures - 2 - Question 6

A and B enter into a venture sharing profit and losses in the ratio 2:3. Goods purchased by A for Rs. 45,000. Expenses incurred by A Rs. 13500 and by B Rs. 5200. B sold the goods for Rs. 85000. Remaining stock taken over by B at Rs. 7200. What will be the final remittance to be made by B to A:

Test: Joint Ventures - 2 - Question 7

Tinku and Bunty enter into a joint venture to share profits and losses equally. Tinku supplied 200 Refrigerators costing Rs. 2,00,000 to Bunty incurring freight charges Rs. 10,000. Bunty sold 140 Refrigerators for Rs. 2,40,000. He took over 10 refrigerators himself. The profit & Loss on joint venture will be:

Test: Joint Ventures - 2 - Question 8

Which of the following statement is true?

Test: Joint Ventures - 2 - Question 9

A & B has started a joint venture for purchase and sale of garments. Initial capital contribution was Rs. 25,000 and Rs. 50,000 respectively. There is no written agreement about share of profit/loss amongst them. They purchased garments worth Rs. 50,000 and sold for Rs. 75,000. The profits of Rs. 25,000 shared by them as:--

Test: Joint Ventures - 2 - Question 10

 If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by:

Test: Joint Ventures - 2 - Question 11

 A & B started a joint venture. After the sales the unsold stock worth Rs. 15,000 was taken over by B at a cost of Rs. 20,000. The amount to be credited to Joint venture Account will be?

Test: Joint Ventures - 2 - Question 12

State which of the statement is true?

Test: Joint Ventures - 2 - Question 13

A and B entered in a joint venture and decided to share profits and losses equally. A supplied goods worth Rs. 7,000 and incurred expenses of Rs. 300. B sold the goods for Rs. 10,000 and incurred expenses of Rs. 500. What will be the amount of the final remittance to be send by B to A?

Test: Joint Ventures - 2 - Question 14

If separate set of books is maintained and discount is received at the time of purchase of goods then such a discount will be treated as : 

Detailed Solution for Test: Joint Ventures - 2 - Question 14

If a separate set of books is maintained and discount is received at the time of purchase of goods then such a discount will be treated as income of joint Venture hence credited venture account. Expense of Joint Venture hence debited to joint venture account.

Test: Joint Ventures - 2 - Question 15

 A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. A supplies goods to the value of 50,000 and incurs expenses amounting to Rs. 5400. B supplies goods to the value of Rs. 14,000 and his expense amount to Rs. 800. B sells goods on behalf of the joint venture and realizes Rs. 92,000. B is entitled to a commission of 5 per cent on sales. B settles his account by bank draft. What will be the final remittance?

Test: Joint Ventures - 2 - Question 16

A and B enter into a joint venture sharing profits and losses equally. A bought 5000 Kg of rice @ Rs. 25/Kg. B bought 1000 Kg of wheat @ Rs. 30/Kg. A sold 1000 Kg of wheat @Rs. 35/Kg and B sold 5000 Kg of rice @ Rs. 30/Kg.The profit on venture will be :

Test: Joint Ventures - 2 - Question 17

A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd. make an issue of 1,00,000 equity shares of Rs. 10 each. 80% of issue are subscribed by the party. The profit sharing ratio between A and B is 3:2. The balance unsubscribed shares are purchased by A and B in profit sharing ratio. How many shares are purchased by A?

Test: Joint Ventures - 2 - Question 18

 Which of the following statement is true?

Test: Joint Ventures - 2 - Question 19

M and N enter into a Joint venture where M supplies goods worth Rs. 6,000 and spends Rs. 100 on various expenses. N sells the entire lot for Rs. 7500 meeting selling expenses amounting to Rs. 200. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be:

Test: Joint Ventures - 2 - Question 20

 Which of the following is incorrect?

Test: Joint Ventures - 2 - Question 21

A bought goods costing 2,00,000. B sold 4/5th of goods for Rs. 2,50,000. Balance goods were taken over by B at cost less 20%. Find out profit on venture :

Test: Joint Ventures - 2 - Question 22

X and Y enter into a joint venture. X supplied goods to Y worth Rs. 70,000. X incurred expenses amounting to Rs. 6,000 on joint venture. The venture resulted in a total profit of R.s 15,000 of which their ratio of distribution is 2:1. The entire sale proceeds were received by Y. Amount received by X from Y in final settlement will be:

Test: Joint Ventures - 2 - Question 23

The parties to joint venture are called 

Test: Joint Ventures - 2 - Question 24

For opening Joint Bank account, in case of separate sets of books:

Test: Joint Ventures - 2 - Question 25

A and B entered into a joint venture. They agreed to share profits and losses equally. A purchased goods worth Rs. 16,000. Goods of Rs. 4,000 were destroyed by fire. Insurance claim of Rs. 3,000 is received. B sold the rest of the goods for Rs. 20,000. A and B share profits equally A’ s share of profits is :

Test: Joint Ventures - 2 - Question 26

oint venture account is a ________ Account.

Test: Joint Ventures - 2 - Question 27

Which of the following methods of valuation of closing stock is followed in joint venture accounting?

Test: Joint Ventures - 2 - Question 28

 What is the nature of joint venture with co-venture’s A/c :

Test: Joint Ventures - 2 - Question 29

 Memorandum joint venture account is prepared:

Test: Joint Ventures - 2 - Question 30

A and B entered into a Joint Venture. A bought goods for Rs. 6,00,000. He sold 80% of the goods for Rs. 5,60,000 and took the remaining goods at cost less 20%. Find the amount of profit. 

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