Test: Joint Ventures - 4 - CA Foundation MCQ
10 Questions MCQ Test - Test: Joint Ventures - 4
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 Rs 50,000 and incurs expenses amounting to Rs 5400. B supplies goods to the value of Rs 14000 and his expense amount to Rs 800. B sells goods on behalf of the joint venture and realizes Rs 92000. B is entitled to a commission of 5 per cent on sales. B settles his account by bank draft. What will be the profit on venture?
In a Joint venture A contributes Rs 5000 and B contributes Rs 10000. Goods are purchased for Rs 11200. Expenses amount to Rs 800. Sales amount to Rs 14000 the remaining goods were taken by B at an agree price of Rs 400. A and B share profit and losses in the ratio of 1:2 respectively. As a final settlement, how much A will receive?
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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 85,000. Remaining stock taken over by B at Rs 7200. What will be the final remittance to be made by B to A:
If separate sets of books is maintained and suppliers grant discount at the time of making the payment for purchase of goods, such discount received will be treated as:
If unsold goods costing Rs 20000 is taken over by Venturer at Rs 15000, the Joint Venture A/c will be credited by:
A and B enter into a venture sharing profits 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 85,000. Remaining stock taken over by B at Rs 7200. The profit on venture will be:
A and B enter into a joint venture for purchase and sale of Type-writer. A purchased Typewriter costing Rs 100000. Repairing expenses Rs 10000, printing expenses Rs 10000.B sold it at 20% margin on selling price. The sales value will be:
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