B Com Exam > B Com Questions > Aravind and Arun were partners in a Joint Ven...
Start Learning for Free
Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.?
Most Upvoted Answer
Aravind and Arun were partners in a Joint Venture sharing profits and ...
Explanation of Joint Venture Account
Joint Venture: A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. In this scenario, Aravind and Arun are partners in a joint venture.
Profit Sharing Ratio: The profits and losses in a joint venture are shared between the parties in a predetermined ratio. In this case, the profit sharing ratio is 3:2, which means that Aravind will receive 3/5 of the profits, and Arun will receive 2/5 of the profits.
Goods Purchased and Supplied: Both Aravind and Arun have purchased and supplied goods for the joint venture. The value of goods supplied by Aravind is Rs. 2,00,000, and the value of goods supplied by Arun is Rs. 1,20,000.
Expenses Incurred: Both Aravind and Arun have incurred expenses for the joint venture. Aravind's expenses amount to Rs. 20,000, and Arun's expenses amount to Rs. 16,000.
Sales Realized: Arun sold the goods on behalf of the joint venture and realized Rs. 4,40,000.
Commission: Arun is entitled to a commission of 5% on the sales realized. Therefore, Arun's commission is 5% of Rs. 4,40,000, which is Rs. 22,000.
Settlement of Expenses Account: Arun settled his expenses account by bank draft. This means that Arun paid his expenses of Rs. 16,000 by issuing a bank draft to the joint venture.
Calculation of Profit
Total Value of Goods = Rs. 3,20,000 (Rs. 2,00,000 + Rs. 1,20,000)
Total Expenses = Rs. 36,000 (Rs. 20,000 + Rs. 16,000)
Total Income = Rs. 4,40,000
Commission to Arun = Rs. 22,000 (5% of Rs. 4,40,000)
Total Expenses (including commission) = Rs. 58,000 (Rs. 36,000 + Rs. 22,000)
Net Profit = Rs. 3,82,000 (Rs. 4,40,000 - Rs. 58,000)
Distribution of Profit
Aravind's Share = Rs. 2,29,200 (3/5 of Rs. 3,82,000)
Arun's Share = Rs. 1,52,800 (2/5 of Rs. 3,82,000)
Arun's Commission = Rs. 22,000
Total = Rs. 3,82,000
Conclusion
In conclusion, Aravind and Arun are partners in a joint venture, and the profits and losses are shared in the ratio of 3:2. They have both purchased and supplied goods and incurred expenses for the joint venture. Arun sold the goods and received a commission of 5% on the sales. Arun settled his expenses account by bank draft. The net profit was Rs. 3,82,000, which was distributed between Aravind, Arun, and Arun's commission.
Joint Venture: A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. In this scenario, Aravind and Arun are partners in a joint venture.
Profit Sharing Ratio: The profits and losses in a joint venture are shared between the parties in a predetermined ratio. In this case, the profit sharing ratio is 3:2, which means that Aravind will receive 3/5 of the profits, and Arun will receive 2/5 of the profits.
Goods Purchased and Supplied: Both Aravind and Arun have purchased and supplied goods for the joint venture. The value of goods supplied by Aravind is Rs. 2,00,000, and the value of goods supplied by Arun is Rs. 1,20,000.
Expenses Incurred: Both Aravind and Arun have incurred expenses for the joint venture. Aravind's expenses amount to Rs. 20,000, and Arun's expenses amount to Rs. 16,000.
Sales Realized: Arun sold the goods on behalf of the joint venture and realized Rs. 4,40,000.
Commission: Arun is entitled to a commission of 5% on the sales realized. Therefore, Arun's commission is 5% of Rs. 4,40,000, which is Rs. 22,000.
Settlement of Expenses Account: Arun settled his expenses account by bank draft. This means that Arun paid his expenses of Rs. 16,000 by issuing a bank draft to the joint venture.
Calculation of Profit
Total Value of Goods = Rs. 3,20,000 (Rs. 2,00,000 + Rs. 1,20,000)
Total Expenses = Rs. 36,000 (Rs. 20,000 + Rs. 16,000)
Total Income = Rs. 4,40,000
Commission to Arun = Rs. 22,000 (5% of Rs. 4,40,000)
Total Expenses (including commission) = Rs. 58,000 (Rs. 36,000 + Rs. 22,000)
Net Profit = Rs. 3,82,000 (Rs. 4,40,000 - Rs. 58,000)
Distribution of Profit
Aravind's Share = Rs. 2,29,200 (3/5 of Rs. 3,82,000)
Arun's Share = Rs. 1,52,800 (2/5 of Rs. 3,82,000)
Arun's Commission = Rs. 22,000
Total = Rs. 3,82,000
Conclusion
In conclusion, Aravind and Arun are partners in a joint venture, and the profits and losses are shared in the ratio of 3:2. They have both purchased and supplied goods and incurred expenses for the joint venture. Arun sold the goods and received a commission of 5% on the sales. Arun settled his expenses account by bank draft. The net profit was Rs. 3,82,000, which was distributed between Aravind, Arun, and Arun's commission.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.?
Question Description
Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.?.
Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.?.
Solutions for Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? defined & explained in the simplest way possible. Besides giving the explanation of
Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.?, a detailed solution for Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? has been provided alongside types of Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? theory, EduRev gives you an
ample number of questions to practice Aravind and Arun were partners in a Joint Venture sharing profits and losses in the proportion of 3:2 respectively. Aravind purchased and supplied goods of the value of Rs. 2,00,000 and incurred expenses amounting to Rs. 20,000. Arun purchased and supplied goods of the value of Rs. 1,20,000 and his amounted Rs. 16,000. Arun sold goods on behalf of the Joint Venture and realisec Rs. 4,40,000. Arun is entitled to a commission of 5 % on sales. Arun settled hi expenses account by bank draft.? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup