MCQ - Bills of Exchange and Promissory Notes (Part - 3) CA Foundation Notes | EduRev

Principles and Practice of Accounting

CA Foundation : MCQ - Bills of Exchange and Promissory Notes (Part - 3) CA Foundation Notes | EduRev

 Page 1


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
Page 2


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
M and N enter into a Joint venture where M 
supplies goods worth Rs. 6000 and spends Rs 100 
on various expenses. N sells the entire lot for Rs 
7500 meeting selling expenses amounting to Rs 
200. Profit sharing ratio equal. N remits to M the 
amount due. The amount of remittance will be: 
• (a) Rs. 6700    
• (b) Rs. 7300 
• (c) Rs. 6400    
• (d) Rs. 6100 
47 
Answer:a 
Page 3


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
M and N enter into a Joint venture where M 
supplies goods worth Rs. 6000 and spends Rs 100 
on various expenses. N sells the entire lot for Rs 
7500 meeting selling expenses amounting to Rs 
200. Profit sharing ratio equal. N remits to M the 
amount due. The amount of remittance will be: 
• (a) Rs. 6700    
• (b) Rs. 7300 
• (c) Rs. 6400    
• (d) Rs. 6100 
47 
Answer:a 
2. A purchased goods costing 42500. B sold 
goods costing Rs 40000 at Rs. 50000. 
Balance goods were taken over by at same 
gross profit percentage as in case of sale. 
The amount of goods taken over will be: 
• (a) Rs. 3125    
• (b) Rs. 2500 
• (c) Rs. 3000    
• (d) none 
48 
Answer;a 
Page 4


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
M and N enter into a Joint venture where M 
supplies goods worth Rs. 6000 and spends Rs 100 
on various expenses. N sells the entire lot for Rs 
7500 meeting selling expenses amounting to Rs 
200. Profit sharing ratio equal. N remits to M the 
amount due. The amount of remittance will be: 
• (a) Rs. 6700    
• (b) Rs. 7300 
• (c) Rs. 6400    
• (d) Rs. 6100 
47 
Answer:a 
2. A purchased goods costing 42500. B sold 
goods costing Rs 40000 at Rs. 50000. 
Balance goods were taken over by at same 
gross profit percentage as in case of sale. 
The amount of goods taken over will be: 
• (a) Rs. 3125    
• (b) Rs. 2500 
• (c) Rs. 3000    
• (d) none 
48 
Answer;a 
3. Which of the following statement is true? 
• (a) Only one venturer bears the risk 
• (b) Only one venturer can sell the goods 
• (c) Only one venturer can purchase the goods 
• (d) In joint venture, provisions of partnership act 
applies 
Answer: d 
49 
Page 5


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
M and N enter into a Joint venture where M 
supplies goods worth Rs. 6000 and spends Rs 100 
on various expenses. N sells the entire lot for Rs 
7500 meeting selling expenses amounting to Rs 
200. Profit sharing ratio equal. N remits to M the 
amount due. The amount of remittance will be: 
• (a) Rs. 6700    
• (b) Rs. 7300 
• (c) Rs. 6400    
• (d) Rs. 6100 
47 
Answer:a 
2. A purchased goods costing 42500. B sold 
goods costing Rs 40000 at Rs. 50000. 
Balance goods were taken over by at same 
gross profit percentage as in case of sale. 
The amount of goods taken over will be: 
• (a) Rs. 3125    
• (b) Rs. 2500 
• (c) Rs. 3000    
• (d) none 
48 
Answer;a 
3. Which of the following statement is true? 
• (a) Only one venturer bears the risk 
• (b) Only one venturer can sell the goods 
• (c) Only one venturer can purchase the goods 
• (d) In joint venture, provisions of partnership act 
applies 
Answer: d 
49 
(a) In case of separate sets of books method of Joint Venture, 
co-venturer’s contribution of goods is debited in Joint Bank A/c 
(b) Co-venturer’s contribution in cash is debited in Venturer’s 
personal account 
(c) Discount on discounting of B/R is debited to Venturer’s 
personal account 
(d) Contract money received is credited to Joint Venture 
Account. 
Answer:d 
50 
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