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P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:
- a)Rs.2,15,000
- b)Rs.2,04,000
- c)Rs.2,10,000
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
P and Q enter into a Joint Venture sharing profit and losses in the ra...
Given data:
- Profit and loss sharing ratio of P and Q = 3:2
- Cost of goods purchased by P = Rs. 2,00,000
- Other expenses of P = Rs. 10,000
- Goods sold by Q = Rs. 1,80,000
- Remaining goods taken over by Q at Rs. 20,000
To find: Final remittance to be paid by Q to P
Solution:
1. Calculation of total cost incurred by P:
- Cost of goods purchased = Rs. 2,00,000
- Other expenses = Rs. 10,000
- Total cost incurred by P = Rs. 2,10,000
2. Calculation of total revenue earned:
- Goods sold by Q = Rs. 1,80,000
- Remaining goods taken over by Q at Rs. 20,000 = Rs. 20,000
- Total revenue earned = Rs. 2,00,000
3. Calculation of profit earned:
- Profit = Total revenue - Total cost
- Profit = Rs. 2,00,000 - Rs. 2,10,000 = Rs. -10,000
(Note: A negative profit indicates a loss)
4. Calculation of share of profit/loss:
- Total profit/loss = Rs. -10,000
- Share of P = 3/(3+2) * (-10,000) = Rs. -6,000
- Share of Q = 2/(3+2) * (-10,000) = Rs. -4,000
5. Calculation of final remittance to be paid by Q to P:
- Final remittance = Share of P - Amount paid by P
- Amount paid by P = Cost of goods purchased + Other expenses
- Amount paid by P = Rs. 2,10,000
- Final remittance = Rs. -6,000 - Rs. 2,10,000 = Rs. 2,04,000
Therefore, the correct answer is option B, i.e., Rs. 2,04,000.
- Profit and loss sharing ratio of P and Q = 3:2
- Cost of goods purchased by P = Rs. 2,00,000
- Other expenses of P = Rs. 10,000
- Goods sold by Q = Rs. 1,80,000
- Remaining goods taken over by Q at Rs. 20,000
To find: Final remittance to be paid by Q to P
Solution:
1. Calculation of total cost incurred by P:
- Cost of goods purchased = Rs. 2,00,000
- Other expenses = Rs. 10,000
- Total cost incurred by P = Rs. 2,10,000
2. Calculation of total revenue earned:
- Goods sold by Q = Rs. 1,80,000
- Remaining goods taken over by Q at Rs. 20,000 = Rs. 20,000
- Total revenue earned = Rs. 2,00,000
3. Calculation of profit earned:
- Profit = Total revenue - Total cost
- Profit = Rs. 2,00,000 - Rs. 2,10,000 = Rs. -10,000
(Note: A negative profit indicates a loss)
4. Calculation of share of profit/loss:
- Total profit/loss = Rs. -10,000
- Share of P = 3/(3+2) * (-10,000) = Rs. -6,000
- Share of Q = 2/(3+2) * (-10,000) = Rs. -4,000
5. Calculation of final remittance to be paid by Q to P:
- Final remittance = Share of P - Amount paid by P
- Amount paid by P = Cost of goods purchased + Other expenses
- Amount paid by P = Rs. 2,10,000
- Final remittance = Rs. -6,000 - Rs. 2,10,000 = Rs. 2,04,000
Therefore, the correct answer is option B, i.e., Rs. 2,04,000.
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Community Answer
P and Q enter into a Joint Venture sharing profit and losses in the ra...
P is dr. 2,00,000 p is dr. 10,000 q is cr. with 1,80,000 q is cr. with 20,000 loss is 10000 which is divided in the ratio of 3:2. p is cr. with 6000 q is cr. with 4000. q has total 2,04,000 to pay the amount to p. so option b is correct ans.
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P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. Can you explain this answer?
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P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. 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 P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. 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 P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. 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 P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. 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 P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
Solutions for P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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ample number of questions to practice P and Q enter into a Joint Venture sharing profit and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000. Other expenses of P Rs. 10,000. Q sold the goods for 180,000. Remaining goods were taken over by Q at Rs. 20,000. The amount of final remittance to be paid by Q to P will be:a)Rs.2,15,000b)Rs.2,04,000c)Rs.2,10,000d)NoneCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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