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Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these?
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Pari and Qutub entered into joint venture sharing profits and losses i...
Solution:
Calculation of cost of goods sold:
Total cost of goods = Rs. 200000
Less: Goods taken over by Qutub = Rs. 20000
Cost of goods sold = Rs. 180000
Calculation of profit or loss:
Total sales = Rs. 180000
Less: Cost of goods sold = Rs. 180000
Gross profit = Rs. 0
Calculation of expenses:
Expenses incurred by Pari = Rs. 10000
Calculation of net loss:
Gross profit or loss = Rs. 0
Less: Expenses = Rs. 10000
Net loss = Rs. 10000
Sharing of profit or loss:
As per the partnership agreement, Pari and Qutub share profits and losses in the ratio of 1:1.
Therefore, the net loss of Rs. 10000 will be shared equally by Pari and Qutub, which means each partner will bear a loss of Rs. 5000.
Calculation of final remittance:
Qutub took over the remaining goods for Rs. 20000, which means he has to pay Rs. 10000 (half of Rs. 20000) to Pari.
Therefore, the final remittance to be paid by Qutub will be:
Rs. 180000 (sales) - Rs. 10000 (expenses) - Rs. 10000 (Pari's share of loss) - Rs. 10000 (Qutub's share of loss) - Rs. 10000 (Qutub's payment to Pari) = Rs. 140000.
Hence, the correct option is (d) none of these.
Calculation of cost of goods sold:
Total cost of goods = Rs. 200000
Less: Goods taken over by Qutub = Rs. 20000
Cost of goods sold = Rs. 180000
Calculation of profit or loss:
Total sales = Rs. 180000
Less: Cost of goods sold = Rs. 180000
Gross profit = Rs. 0
Calculation of expenses:
Expenses incurred by Pari = Rs. 10000
Calculation of net loss:
Gross profit or loss = Rs. 0
Less: Expenses = Rs. 10000
Net loss = Rs. 10000
Sharing of profit or loss:
As per the partnership agreement, Pari and Qutub share profits and losses in the ratio of 1:1.
Therefore, the net loss of Rs. 10000 will be shared equally by Pari and Qutub, which means each partner will bear a loss of Rs. 5000.
Calculation of final remittance:
Qutub took over the remaining goods for Rs. 20000, which means he has to pay Rs. 10000 (half of Rs. 20000) to Pari.
Therefore, the final remittance to be paid by Qutub will be:
Rs. 180000 (sales) - Rs. 10000 (expenses) - Rs. 10000 (Pari's share of loss) - Rs. 10000 (Qutub's share of loss) - Rs. 10000 (Qutub's payment to Pari) = Rs. 140000.
Hence, the correct option is (d) none of these.
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Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these?
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Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? 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 Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these?.
Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? 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 Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these?.
Solutions for Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? in English & in Hindi are available as part of our courses for CA Foundation.
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Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these?, a detailed solution for Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? has been provided alongside types of Pari and Qutub entered into joint venture sharing profits and losses in the ratio 1:1. Pari purchased goods costing Rs. 200000. Other expenses of Pari amounted to Rs. 10000. Qutub sold the goods for Rs. 180000. Remaining goods were taken over by Qutub at Rs. 20000. The amount of final remittance to be paid by Qutub will be: (a) 215000 (b) 205000 (c) 210000 (d) none of these? theory, EduRev gives you an
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