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# MCQ - Joint Venture Accounting CA Foundation Notes | EduRev

## Principles and Practice of Accounting

Created by: Srsps

## CA Foundation : MCQ - Joint Venture Accounting CA Foundation Notes | EduRev

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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
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
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
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