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P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:
- a)215000
- b)204000
- c)210000
- d)None
Correct answer is option 'B'. Can you explain this answer?
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P and Q enter into a Joint Venture sharing profits and losses in the r...
Q should pay 200000(purchases by P)+4000(towards his share of loss)
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P and Q enter into a Joint Venture sharing profits and losses in the r...
Calculation of Final Remittance to be Paid by Q to P:
1. Calculation of Total Profit:
- Cost of goods purchased by P: Rs 200,000
- Other expenses of P: Rs 10,000
- Total cost incurred by P: 200,000 + 10,000 = Rs 210,000
- Sales made by Q: Rs 180,000
- Remaining goods taken over by Q: Rs 20,000
- Total sales made by P and Q: 180,000 + 20,000 = Rs 200,000
- Total Profit: Total sales - Total cost = 200,000 - 210,000 = Rs 10,000
2. Profit Sharing Ratio:
- Profit sharing ratio between P and Q: 3:2
- P's share of profit: (3/5) * Rs 10,000 = Rs 6,000
- Q's share of profit: (2/5) * Rs 10,000 = Rs 4,000
3. Final Remittance Calculation:
- Q owes P Rs 6,000 as per the profit sharing ratio
- Q needs to pay the remaining amount to P: Rs 6,000 - Rs 4,000 = Rs 2,000
Therefore, the final remittance to be paid by Q to P will be Rs 2,000.
The correct answer is option B) 204,000.
1. Calculation of Total Profit:
- Cost of goods purchased by P: Rs 200,000
- Other expenses of P: Rs 10,000
- Total cost incurred by P: 200,000 + 10,000 = Rs 210,000
- Sales made by Q: Rs 180,000
- Remaining goods taken over by Q: Rs 20,000
- Total sales made by P and Q: 180,000 + 20,000 = Rs 200,000
- Total Profit: Total sales - Total cost = 200,000 - 210,000 = Rs 10,000
2. Profit Sharing Ratio:
- Profit sharing ratio between P and Q: 3:2
- P's share of profit: (3/5) * Rs 10,000 = Rs 6,000
- Q's share of profit: (2/5) * Rs 10,000 = Rs 4,000
3. Final Remittance Calculation:
- Q owes P Rs 6,000 as per the profit sharing ratio
- Q needs to pay the remaining amount to P: Rs 6,000 - Rs 4,000 = Rs 2,000
Therefore, the final remittance to be paid by Q to P will be Rs 2,000.
The correct answer is option B) 204,000.
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P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer?
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P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)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 profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)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 profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)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 profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)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 profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer?.
Solutions for P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)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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P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice P and Q enter into a Joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs 200,000. Other expenses of P Rs 10000. Q sold the goods for 180000.Remaining goods were taken over by Q at Rs 20000. The amount of final remittance to be paid by Q to P will be:a)215000b)204000c)210000d)NoneCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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