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If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:
- a)Rs.20,000
- b)Rs.15,000
- c)Rs.5,000
- d)Nil
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15...
Explanation:
When unsold goods are taken over by a venturer at a price lower than their cost, it results in a loss for the joint venture. The loss incurred is debited to the Joint Venture Account.
In this case, the unsold goods have a cost of Rs. 20,000. However, they are taken over by the venturer at a price of Rs. 15,000. This means that a loss of Rs. 5,000 has been incurred.
Therefore, the Joint Venture Account will be credited by Rs. 15,000 to reflect the lower value of the goods taken over by the venturer.
Summary:
- Unsold goods costing Rs. 20,000 are taken over by a venturer at Rs. 15,000.
- This results in a loss of Rs. 5,000 for the joint venture.
- The Joint Venture Account is credited by Rs. 15,000 to reflect the lower value of the goods taken over.
When unsold goods are taken over by a venturer at a price lower than their cost, it results in a loss for the joint venture. The loss incurred is debited to the Joint Venture Account.
In this case, the unsold goods have a cost of Rs. 20,000. However, they are taken over by the venturer at a price of Rs. 15,000. This means that a loss of Rs. 5,000 has been incurred.
Therefore, the Joint Venture Account will be credited by Rs. 15,000 to reflect the lower value of the goods taken over by the venturer.
Summary:
- Unsold goods costing Rs. 20,000 are taken over by a venturer at Rs. 15,000.
- This results in a loss of Rs. 5,000 for the joint venture.
- The Joint Venture Account is credited by Rs. 15,000 to reflect the lower value of the goods taken over.
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If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer?
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If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect 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 If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect 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 If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer?.
If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect 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 If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect 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 If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer?.
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If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of If unsold goods costing Rs. 20,000 is taken over by Venturer at Rs. 15,000, the Joint Venture A/c will be credited by:a)Rs.20,000b)Rs.15,000c)Rs.5,000d)NilCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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