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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 10000. Qutub sold the goods for 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:
Given, the joint venture between Pari and Qutub is in the ratio of 1:1.
The total cost of goods purchased by Pari is Rs. 200000 and other expenses amount to Rs. 10000.
Qutub sold the goods for Rs. 180000 and took over the remaining goods at Rs. 20000.
Let's calculate the profit and loss of the joint venture.
Calculation of Profit and Loss:
Total cost of goods purchased = Rs. 200000
Other expenses = Rs. 10000
Total cost = Rs. 210000
Total sales = Rs. 180000 + Rs. 20000 = Rs. 200000
Total profit/loss = Total sales - Total cost
= Rs. 200000 - Rs. 210000
= Rs. -10000 (Loss)
Calculation of Remittance:
As per the joint venture agreement, the profit and loss is shared equally between Pari and Qutub.
So, the loss of Rs. 10000 will be shared equally between them.
Hence, the amount of final remittance to be paid by Qutub = Rs. 10000/2 = Rs. 5000
The remaining amount of goods taken over by Qutub is not relevant to the calculation of remittance.
Final Answer:
The amount of final remittance to be paid by Qutub is Rs. 5000.
Option (d) none of these is incorrect.
Hence, the correct option is (d) none of these.
Given, the joint venture between Pari and Qutub is in the ratio of 1:1.
The total cost of goods purchased by Pari is Rs. 200000 and other expenses amount to Rs. 10000.
Qutub sold the goods for Rs. 180000 and took over the remaining goods at Rs. 20000.
Let's calculate the profit and loss of the joint venture.
Calculation of Profit and Loss:
Total cost of goods purchased = Rs. 200000
Other expenses = Rs. 10000
Total cost = Rs. 210000
Total sales = Rs. 180000 + Rs. 20000 = Rs. 200000
Total profit/loss = Total sales - Total cost
= Rs. 200000 - Rs. 210000
= Rs. -10000 (Loss)
Calculation of Remittance:
As per the joint venture agreement, the profit and loss is shared equally between Pari and Qutub.
So, the loss of Rs. 10000 will be shared equally between them.
Hence, the amount of final remittance to be paid by Qutub = Rs. 10000/2 = Rs. 5000
The remaining amount of goods taken over by Qutub is not relevant to the calculation of remittance.
Final Answer:
The amount of final remittance to be paid by Qutub is Rs. 5000.
Option (d) none of these is incorrect.
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 10000. Qutub sold the goods for 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 10000. Qutub sold the goods for 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 Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce 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 10000. Qutub sold the goods for 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 Commerce 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 10000. Qutub sold the goods for 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 10000. Qutub sold the goods for 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 Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce 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 10000. Qutub sold the goods for 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 Commerce 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 10000. Qutub sold the goods for 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 10000. Qutub sold the goods for 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 Commerce.
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