Test: Joint Ventures - 2 - CA Foundation MCQ

The minimum number of co-venture will be atleast ____________ in joint venture business. 

 C and D enter into a joint venture to share profit in the ratio 5:3. Apart from the profit D is entitled to a commission of 5% of net profit after charging such commission. If net profit of joint venture is Rs. 33,600 before charging such commission. What will be share profit of C and D:

A and B enter into a venture sharing profit and losses in the ratio 2:3. Goods purchased by A for Rs. 45,000. Expenses incurred by A Rs. 13500 and by B Rs. 5200. B sold the goods for Rs. 85000. Remaining stock taken over by B at Rs. 7200. What will be the final remittance to be made by B to A:

Tinku and Bunty enter into a joint venture to share profits and losses equally. Tinku supplied 200 Refrigerators costing Rs. 2,00,000 to Bunty incurring freight charges Rs. 10,000. Bunty sold 140 Refrigerators for Rs. 2,40,000. He took over 10 refrigerators himself. The profit & Loss on joint venture will be:

Which of the following statement is true?

A & B has started a joint venture for purchase and sale of garments. Initial capital contribution was Rs. 25,000 and Rs. 50,000 respectively. There is no written agreement about share of profit/loss amongst them. They purchased garments worth Rs. 50,000 and sold for Rs. 75,000. The profits of Rs. 25,000 shared by them as:--

 If a venturer draws a bill on his co-venturer and if the drawer discounts the bill with same sets of books maintained, the discounting charges will be borne by:

 A & B started a joint venture. After the sales the unsold stock worth Rs. 15,000 was taken over by B at a cost of Rs. 20,000. The amount to be credited to Joint venture Account will be?

State which of the statement is true?

A and B entered in a joint venture and decided to share profits and losses equally. A supplied goods worth Rs. 7,000 and incurred expenses of Rs. 300. B sold the goods for Rs. 10,000 and incurred expenses of Rs. 500. What will be the amount of the final remittance to be send by B to A?

If separate set of books is maintained and discount is received at the time of purchase of goods then such a discount will be treated as : 

 A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. A supplies goods to the value of 50,000 and incurs expenses amounting to Rs. 5400. B supplies goods to the value of Rs. 14,000 and his expense amount to Rs. 800. B sells goods on behalf of the joint venture and realizes Rs. 92,000. B is entitled to a commission of 5 per cent on sales. B settles his account by bank draft. What will be the final remittance?

A and B enter into a joint venture sharing profits and losses equally. A bought 5000 Kg of rice @ Rs. 25/Kg. B bought 1000 Kg of wheat @ Rs. 30/Kg. A sold 1000 Kg of wheat @Rs. 35/Kg and B sold 5000 Kg of rice @ Rs. 30/Kg.The profit on venture will be :

A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd. make an issue of 1,00,000 equity shares of Rs. 10 each. 80% of issue are subscribed by the party. The profit sharing ratio between A and B is 3:2. The balance unsubscribed shares are purchased by A and B in profit sharing ratio. How many shares are purchased by A?

 Which of the following statement is true?

M and N enter into a Joint venture where M supplies goods worth Rs. 6,000 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:

 Which of the following is incorrect?

A bought goods costing 2,00,000. B sold 4/5th of goods for Rs. 2,50,000. Balance goods were taken over by B at cost less 20%. Find out profit on venture :

X and Y enter into a joint venture. X supplied goods to Y worth Rs. 70,000. X incurred expenses amounting to Rs. 6,000 on joint venture. The venture resulted in a total profit of R.s 15,000 of which their ratio of distribution is 2:1. The entire sale proceeds were received by Y. Amount received by X from Y in final settlement will be:

The parties to joint venture are called 

For opening Joint Bank account, in case of separate sets of books:

A and B entered into a joint venture. They agreed to share profits and losses equally. A purchased goods worth Rs. 16,000. Goods of Rs. 4,000 were destroyed by fire. Insurance claim of Rs. 3,000 is received. B sold the rest of the goods for Rs. 20,000. A and B share profits equally A’ s share of profits is :

oint venture account is a ________ Account.

Which of the following methods of valuation of closing stock is followed in joint venture accounting?

 What is the nature of joint venture with co-venture’s A/c :

 Memorandum joint venture account is prepared:

A and B entered into a Joint Venture. A bought goods for Rs. 6,00,000. He sold 80% of the goods for Rs. 5,60,000 and took the remaining goods at cost less 20%. Find the amount of profit.