MCQ - Joint Venture Accounting CA Foundation Notes | EduRev

Principles and Practice of Accounting

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CA Foundation : MCQ - Joint Venture Accounting 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 
MCQ’s 
45 
Page 3


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
MCQ’s 
45 
1. calculate the profit/loss on account 
of joint venture 
2. Calculate the amount to be remitted 
by one co-venturer to the other. 
Conceptual Questions ie. not related 
to numerical portion.   
46 
Page 4


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
MCQ’s 
45 
1. calculate the profit/loss on account 
of joint venture 
2. Calculate the amount to be remitted 
by one co-venturer to the other. 
Conceptual Questions ie. not related 
to numerical portion.   
46 
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 5


 
CPT Section A Fundamentals of Accounting Unit 2 
CA.Gautam Chawla 
MCQ’s 
45 
1. calculate the profit/loss on account 
of joint venture 
2. Calculate the amount to be remitted 
by one co-venturer to the other. 
Conceptual Questions ie. not related 
to numerical portion.   
46 
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 
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