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A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5th and 2/5th respectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?
- a)Rs. 24,300
- b)Rs. 25,000
- c)Rs. 26,000
- d)Rs. 20,300
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
A and B were partners in a joint venture sharing profits and losses in...
's share in the profit.
First, we need to calculate the total expenses incurred by the joint venture:
A's expenses = Rs. 6,000
B's expenses = Rs. 2,000
Total expenses = Rs. 8,000
Next, we need to calculate the total sales made by the joint venture:
Sales = Rs. 1,50,000
B is entitled to a commission of 5% on sales, which is:
Commission = 5% of Rs. 1,50,000 = Rs. 7,500
So the amount left for the joint venture after paying B's commission is:
Amount left = Sales - Commission = Rs. 1,50,000 - Rs. 7,500 = Rs. 1,42,500
Now we can calculate the total profit of the joint venture:
Total profit = Amount left - Total expenses
Total profit = Rs. 1,42,500 - Rs. 8,000
Total profit = Rs. 1,34,500
To divide the profit between A and B, we need to use the profit-sharing ratio:
A's share = 3/5 x Total profit
A's share = 3/5 x Rs. 1,34,500
A's share = Rs. 80,700
B's share = 2/5 x Total profit
B's share = 2/5 x Rs. 1,34,500
B's share = Rs. 53,800
Finally, we can calculate the amount that A is entitled to receive after taking into account the goods supplied and expenses incurred:
A's amount = A's share - A's expenses - value of goods supplied by A
A's amount = Rs. 80,700 - Rs. 6,000 - Rs. 80,000
A's amount = Rs. -5,300 (negative amount means A has to pay this amount)
Therefore, A is not entitled to receive any amount. Instead, A has to pay Rs. 5,300 to settle the account.
First, we need to calculate the total expenses incurred by the joint venture:
A's expenses = Rs. 6,000
B's expenses = Rs. 2,000
Total expenses = Rs. 8,000
Next, we need to calculate the total sales made by the joint venture:
Sales = Rs. 1,50,000
B is entitled to a commission of 5% on sales, which is:
Commission = 5% of Rs. 1,50,000 = Rs. 7,500
So the amount left for the joint venture after paying B's commission is:
Amount left = Sales - Commission = Rs. 1,50,000 - Rs. 7,500 = Rs. 1,42,500
Now we can calculate the total profit of the joint venture:
Total profit = Amount left - Total expenses
Total profit = Rs. 1,42,500 - Rs. 8,000
Total profit = Rs. 1,34,500
To divide the profit between A and B, we need to use the profit-sharing ratio:
A's share = 3/5 x Total profit
A's share = 3/5 x Rs. 1,34,500
A's share = Rs. 80,700
B's share = 2/5 x Total profit
B's share = 2/5 x Rs. 1,34,500
B's share = Rs. 53,800
Finally, we can calculate the amount that A is entitled to receive after taking into account the goods supplied and expenses incurred:
A's amount = A's share - A's expenses - value of goods supplied by A
A's amount = Rs. 80,700 - Rs. 6,000 - Rs. 80,000
A's amount = Rs. -5,300 (negative amount means A has to pay this amount)
Therefore, A is not entitled to receive any amount. Instead, A has to pay Rs. 5,300 to settle the account.
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A and B were partners in a joint venture sharing profits and losses in...
Correct answer is option 'A'
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A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer?
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A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer?.
A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer?.
Solutions for A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer?, a detailed solution for A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A and B were partners in a joint venture sharing profits and losses in the proportion of 3/5thand 2/5threspectively. A supplies goods to the value of Rs. 80,000 and incurs expenses amounting Rs. 6,000. B supplies goods to the value of Rs. 14,000 and his expenses amount to Rs. 2,000. B sells goods on behalf of the joint venture and realizes Rs. 1,50,000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out A’s share of profit on venture?a)Rs. 24,300b)Rs. 25,000c)Rs. 26,000d)Rs. 20,300Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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