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Joint Venture

Question 1 of 3

Q1 . The parties to joint venture is called __________

Q2 . A bought goods of the value of Rs.10000 and consigned them to B to be sold by them on a joint venture, profits being divided equally. A draws a bill on B for an amount equivalent to 80% of cost on consignment. The amount of bill will be:

Q3 . Ajay bought goods of the value of Rs 20,000 and consigned them to Bijay to be sold by them on a joint venture, profits being divided equally. Ajay draws a bill on Bijay for an amount equivalent to 80% of cost on consignment. The amount of bill will be:

Q4 . Which of the following statement is not true?

Q5 . Which of these accounts is not part of double entry system

Q6 . A and B were partners in a joint venture sharing profits and losses in the proportion of 3, 5th and 2/5th respectively. A supplies goods to the value of Rs.80000 and incurs expenses amounting Rs.6000. B supplies goods to the value of Rs.14000 and his expenses amount to Rs.2000. B is entitled to a commission of 5% on sales. B sells goods on behalf of the joint venture and realizes Rs.150000. find out A's share of profit on venture?

Q7 . Which of these terms / concepts are not relevant to a joint venture?

Q8 . Under joint bank account method which of these accounts are not opened

Q9 . Ram and Shyam entered into a joint venture. Ram purchased goods costing Rs.52,500. Shyam sold goods costing Rs.45,000 at Rs.60,000. Balance goods were taken over by Ram at Rs.10,000. The profit on Joint Venture is

Q10 . ELDER and LARGE enter into a joint venture sharing profits and losses equally. ELDER supplied goods to the value of Rs. 2,500 and incurred expenses of Rs. 200. LARGE supplied goods to the value of Rs. 2,000 and his expenses amounted to Rs. 150. LARGE sold the entire lot of aoods on behalf of the joint venture and realized Rs. 6,000 LARGE was entitled to a commission of 5% on sales .Profit on the venture ?

Q11 . A & B purchaseda piece of land for Rs. 60,000 and sold it for Rs. 80,000. A had contributed Rs. 40,000 and Rs. 20,000. The profit on venture will be :

Q12 . A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5* and 1/5* respectively. A supplies goods to the value of Rs.50,000 and incurs expenses amounting to Rs.5400. B supplies goods to the value of Rs.14000 and his expense amount to Rs.800. B sells goods on behalf of the joint venture and realizes Rs.92000. B is entitled to a commission of 5 per cent on sales. B settles his account by bank draft. What will be the profit on venture?

Q13 . A and B enter into a joint venture sharing profit and losses in the ratio 2:1. A purchased goods costing Rs 2,00,000. B sold the goods for Rs 2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. The profit on venture will be:

Q14 . A and B enter into a joint venture by opening a joint bank account contributing Rs.10,00,000. the profit sharing ratio between A and B is 3:2 how much amount to be contributed by A?

Q15 . Anuj bought goods of the value of Rs 10,000 and consigned them to Bittu to be sold by them on a joint venture, profits being divided equally, Anuj paid Rs 1,000 for freight and insurance. Anuj draws a bill on Bittu for Rs 10,000. Anuj got it discounted at Rs 9,500. Bittu sold b the goods for Rs 15,000. Commission payable to Bittu Rs 500. The amount to be remitted by Biitu to Anuj will be:

Q16 . A and B are doing business separately as building contractors., They undertook jointly to construct a building for a newly started joint stock company for a contract price of Rs. 2,00,000. A Bank A/c is opened in their joint names; A depositing Rs. 50,000 and B Rs. 30,000. They will share profits and losses in ratio of 2/3 and 1/3 respectively. Their transactions were as follows:- Paid wages Rs. 60,000 Brought materials Rs. 1,62,000 Contract was completed and the price was duly received. B took stock of materials for the Rs. 6,000. Profit or loss on joint venture will be

Q17 . C of Calcutta and D of Delhi entered into a joint venture for the purpose of buying and selling second-hand motor cars. C to make purchases and D to effect sales. A sum of Rs. 1,00,000 was sent by D to C for this joint venture. C purchases 10 cars for Rs. 80,000 and spent Rs. 43500 for their reconditioning and dispatched them to Delhi. His other expenses were. 2Vi% purchase commission and miscellaneous expenses Rs. 250. D spent Rs. 7500 as railway freight and Rs. 3750 an Octroi at the time of taking delivery. He sold all the cars for Rs. 188500. His expenses were Insurance Rs. 1500; Garage rent Rs. 2500; Brokerage Rs. 6850 and other expenses Rs. 4500. Profit of venture on will be

Q18 . Joint Venture account is a

Q19 . A purchased 1,000 boxes of rice costing Rs.200 each. Carriage 2,000, insurance 3,000. 4/5th of the boxes were sold by B at Rs.250 per boxes. Remaining stock was taken over by B at cost. The amount of stock taken over will be:

Q20 . Which of these accounts are not opened in a joint venture accounts

Q21 . A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is

Q22 . A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd make an equity issue of 100000 equity shares of Rs 10 each. 80% of the issue are subscribed by the party. The profit sharing ratio between A and B is 3:2. The balance shares not subscribed by the public, purchased by A and B in profit sharing ratio. How many shares to be purchased by A?

Q23 . Which of these is not a part of double entry system?

Q24 . Anny and Bunny enter into a joint venture sharing profit and losses in the ratio 1:1. Anny purchased goods costing Rs 20,000. Bunny sold the goods for Rs 25,000. Anny is entitled to get 1% commission on purchase and Bunny is entitled to get 5% commission on sales. The profit on venture will be:

Q25 . If separate sets of books is maintained and suppliers grant discount at the time of making the payment for purchase of goods, such discount received will be treated as:

Q26 . P and Q enter into joint Venture sharing profits and losses in the ratio 3:2. P purchased goods costing Rs. 2,00,000 other expenses of P Rs.10,000. Q sold the goods for 1,80,000. remaining goods were taken over by Q at Rs.20,000. the amount of final remittance to be paid by Q to P will be:

Q27 . What is the nature of joint venture A/c

Q28 . Memorandum Joint venture account is a :

Q29 . A bought goods of the value Rs.10,000 and consigned them to B to be sold on joint venture, profits being divided equally. A draws a bill on B for an amount equivalent to 80% of cost on consignment. The amount of bill will be:

Q30 . X & Y purchased a building of Rs.1,00,000 and sold it for Rs.1,20,000. X had contributed for Rs.60,000 and Rs.40,000. They decided to share profits in the ratio of their capital contribution. The profit on venture will be

Q31 . If X advances money to Y in course of joint venture then X debit such money to which of these accounts

Q32 . Goods costing Rs. 10,000 destroyed by an accident, insurance claim nil.

Q33 . A purchased goods costing Rs. 42,500. B sold goods costing Rs.40,000 at Rs. 50,000. Balance goods were taken over by A at Rs. 4,000. The profit on joint venture is :

Q34 . What is the nature of joint venture with other co-venture A/c

Q35 . A and B purchased a piece of land for Rs 20,000 and sold it for Rs 60,000 in 2005. Originally A had contributed Rs 12000 and B Rs 8000. The profit on venture will be

Q36 . C and D entered into a joint Venture to construct a bridge. They did not open separated set of books. They shared profits and loss as 3:2. C contributed Rs.l,50,000 for purchase of materials. D paid wages amounting to Rs. 80,000. other expenses were paid as:C- 5,000; D-15,000; C purchased one machine for Rs. 20,000. The machine was taken over by C for Rs.10,000. Total contract value of Rs. 3,00,000 was received by D. What will be the profit on venture?

Q37 . A and B entered into a joint venture and agreed to share profits and losses in the ratio of 3:2. A Joint Bank A/c was opened where in A contributed Rs. 50,000 and B contributed Rs. 20,000. Their transactions were as follows: Rs. Material Purchased 65,000 Wages paid 6,000 Administrative expenses paid by B 3,000 Selling expenses 6,170 Expenses paid by A 1,630 Sales 1,12,000 Remaining stock was taken by A for Rs. 6200. Joint venture profit will be

Q38 . When goods are purchased by joint venture which of these accounts is debited

Q39 . A and B purchased a piece land for Rs.20,000 and sold it for Rs.60,000 in 2005. Originally A had contribution Rs.2,00,000, B Rs.8000. What will be the profit on venture?

Q40 . A and B enter into a joint venture sharing profit and losses in the ratio 3:2. A will purchase goods and B will affect the sale. A purchase goods costing Rs. 2,00,000. B sold it for Rs.3,00,000. The venture is terminated after 3 months. A is entitled to get 10% interest on capital invested irrespective of utilization period. The amount of interest received by A will be

Q41 . A purchased goods costing 2,00,000, B sold 4/5*of the goods for Rs.250000. balance goods were taken over by B at cost less 20% if same sets of books is maintained, fine out profit on venture?

Q42 . R and M entered into a joint venture to purchased ad sell new year gifts. They agreed to share the profit and losses equally. R purchased goods worth Rs. 1,00,000 and spent Rs.10000 in sending the goods to M. He also paid Rs.5000 for insurance. M spent Rs.10000 as selling expenses and sold goods for 200000. remaining goods were taken over by him at Rs.5000. find out profit on venture

Q43 . If unsold goods costing Rs.20000 is taken over by venturer at Rs.15000, the joint venture A/c will be credited by:

Q44 . A and B enter into a venture sharing profits 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.85,000.Remaining stock taken over by Rs.7200. the profit on venture will be:

Q45 . Advise which of the statement is true:

Q46 . A purchased goods costing 100000. B sold the goods for Rs.150000. profit sharing ratio between A and B equal. If same sets of books is maintained what will be the final remittance?

Q47 . If unsold goods costing Rs 20000 is taken over by Venturer at Rs 15000, the Joint Venture A/c will be credited by:

Q48 . Generally, when the size of the venture is ..........,the co-ventures keep separate set of books of account for the joint venture.

Q49 . Ram and Shyam enter into a joint venture. Both of them deposited Rs.65,000 and Rs.32,500 respectively into a joint venture. Goods were purchased for Rs.75,000 and expenses amounting Rs.10,950 were incurred. Goods sold for Rs.90,000 and goods unsold were taken overq by Ram at an agreed value of Rs.2,700. The profit on joint venture is:

Q50 . A and B enter into a joint venture in timber trading. A pays for purchase of timber Rs. 2,00,000 and expenses Rs. 2,000. He draws a bill of exchange on B for Rs.1,00,000 and discounts it with Bank for Rs. 95,000. B sells the timber for Rs. 2,50,000 and pays expenses Rs. 3,000 B is entitled to get a commission of 10% on sale A is entitled to get an interest of Rs. 12,000 on his capital. Profit on venture will be :

Q51 . For purchase of plant from joint bank account, in case separated sets of books are maintained the correct journal entry will be

Q52 . A and B enter into a joint venture sharing profit and losses in the ratio 2:1 A purchased goods costing Rs.200,000. B sold the goods for Rs. 2,50,000. A is entitled to get 1% commission on purchased and B is entitled to get 5% commission on sales. The profit on venture will be

Q53 . In a Joint venture between A and B, A spend Rs.2,000 on freight, Rs.1,000 as godown rent, and also raised a loan from bank of Rs.50,000 at 18% p.a. repayable after 1 month. B spend Rs. 5,000 as selling expenses and he also raised a loan from bank of Rs.1,50,000 at 18% repayable after 2 months. The total expenses of Joint venture will be

Q54 . A and B enter into a joint venture sharing profits and losses in the ratio 2 : 3. Goods purchased by A for Rs.45,000. Expense increased by A Rs.13500 and by B Rs.5,200. B sold the goods for Rs.85,000. Remaining stock taken over by B as Rs.7,200. The profit of the venture will be

Q55 . For opening joint bank account, in case of separate sets of books:

Q56 . For material supplied from own stock by any of the venturer, the correct journal entry will be:(in case of separate sets of books)

Q57 . A and B enter into a joint venture to underwrite shares of K Ltd. K Ltd make an equity issue of 200000 equity shares. 80% of the shares underwritten by the venturer. 160000 shares are subscribed by the public. How many shares are to be subscribed by the venturer?

Q58 . A and B enter into joint venture sharing profit and loss equally. A purchased 100kg of rice @ Rs. 20/kg. Brokerage paid Rs.200, carriage paid Rs.300. B sold 90 kg of rice @ Rs.22/kg. Balance rice were taken over by B at cost. The value of rice taken over to be recorded in joint venture will be:

Q59 . A and B enter into a joint venture sharing profit and losses equally. A purchased 5000 kg of rice @ Rs.50/kg. B purchased 1000 kg of wheat @ Rs.60 kg. A sold 1000 kg of wheat @ Rs.70/kg and B sold 5000 kg of rice @ Rs. 60/kg the profit on venture same sets of books is maintained will be:

Q60 . A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5* and 1/5111 respectively. A respectively. A supplies goods to the value of Rs.50,000 and incurs expenses amounting to Rs.5400. B supplies goods to the value of Rs.14000 of Rs.14000 and his expense amount to Rs.800. B sells goods on behalf of the joint venture and realizes Rs.92000. 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?

Q61 . Ansh purchased goods costing 2,40,000. Vansh sold goods costing Rs 1,60,000 at Rs 2,40,000. Balance goods were taken over by Ansh at same gross profit percentage as in case of sale. The amount of goods taken over will be:

Q62 . Memorandum joint venture account is prepared

Q63 . Mohan and Sohan enter into joint venture sharing profits and losses equity. Mohan purchased 100 kg of rice @ 20 kg. Brokerage paid Rs.200, carriage Rs.300 Sohan sold 90 kg of rice @ Rs.22 Kg. Balance rice was taken over by Sohan at cost. The value of rice taken over to be recorded in joint venture will be

Q64 . Which of the following statement is true?

Q65 . What does the balance in memorandum joint venture A/cshows

Q66 . A and B purchased a piece of land for Rs 30,000 and sold it for Rs 60,000 in 2005. Originally A had contributed Rs 12000 and B Rs 8000. The profit on venture will be :

Q67 . A, B andC entered into a joint venture with equal risks contributing Rs. 20,000, Rs. 27,500 and Rs. 35,000 respectively. The amounts were banked in a joint account. Joint Transactions were as follows: Purchase of goods Rs. 66,600 Expenses on goods purchased Rs. 6,629 Total sales Rs. 89,000 C, who effected these transactions, was allowed 6% commission on sales. Profit on joint venture will be :

Q68 . Ram and Shyam entered into a Joint venture for equal profits. Ram purchases goods costing Rs.70,000. Shyam sold goods costing Rs.60,000 at Rs.80,000.Balance goods were taken over by Ram at same gross profit percentage as in case of sale .The value of goods taken over will be :

Q69 . A, B and C are co-venturer. The relative profit sharing ratio between A and B is 3:2 and between B and C also 3:2 find out the PSR between A, B and C.

Q70 . A and B enter into a joint venture to underwrite the shares of K Ltd. K Ltd., make an equity issue of 1,00,000 equity shares of Rs.10 each. 80% of the issue are subscribed by the party, the profit sharing ratio between A and B is 3:2. The balance shares not subscribed by the public, purchased by A and B in profit sharing ratio. How many shares to be purchased by A.

Q71 . R and M entered into joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. R purchased goods worth Rs. 100,000 and spent Rs. 10000 in sending the goods to M. He also paid Rs. 5000 for insurance. M spent Rs. 10000 as selling expenses and sold goods for 200000. Remaining goods were taken over by him at Rs.5000. what will be the amount to be remitted by M to R as final settlement?

Q72 . A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs.10000. He pays expenses amounting to Rs.1000. V incurs further expenses. On carriage Rs.1000. He receives cash for sales Rs.15000. He also takes over goods to the value of RS.2000. what will be the amount to be remitted by V to A?

Q73 . A purchased goods costing Rs. 2,00,000. B sold the goods for Rs. 2,80,000. Unused material costing Rs. 10,000 taken over by A at Rs. 8000. Ais entitled to get 1% commission on purchase. B is entitled to get 2% commission on sales. Profit sharing ratio equal. A's share of profit on venture will be:

Q74 . A and B enter into 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. 85,000. Remaining stock taken over by B at Rs.7200. what be the final remittance to be made by B to A:

Q75 . A purchased goods costing 2,00,000, B sold 4/5th of the goods for Rs 2,50,000. Balance goods were taken over by B at cost less 20%. If a same set of books is maintained, find out profit on venture.

Q76 . A purchased goods costing 42500. B sold goods costing Rs. 40000 at Rs. 50000. Balance goods were taken over by A at same gross profit percentage as in of sale. The amount of goods taken over will be:

Q77 . If any stock is taken over by the venturer, it will be treated as an:

Q78 . X enters into a joint venture with Y. The goods were purchased by X and Y amounting Rs.20,000 and Rs.40,000 respectively. Y incurred the expenses of Rs.5,000 and received cash of Rs.1,000. Goods were sold by X and Y amounting Rs.22,000 and Rs.39,000. Goods unsold were taken over by Y for Rs.2,000. The profit or loss on joint venture is

Q79 . X and Y enter into a joint venture. X supplied goods to Y from his own stock worth Rs. 70,000. X incurred expenses amounting to Rs. 6000 on joint venture. The venture resulted in a total profit of Rs. 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 :

Q80 . Capital accounts of the co-venturers are of the nature of

Q81 . A and B were partners in a joint venture sharing profits and losses in the proportion so 3/5thand 2/5th respectively. A supplies goods to the value of Rs.60000 and incurs expenses amounting Rs.6000. B supplies goods to the values of Rs.16000 and his expenses amount to a Rs.3000. B sell goods on behalf of the joint venture and realizes Rs.120000. B entitled to a commission of 5% on sales. B settles his account by- bank draft. How much amount, B will pay to A as final settlement?

Q82 . 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:

Q83 . R and M entered into a joint venture to purchase and sell new year gifts. They agreed to share the profit and losses equally. R purchased goods worth Rs 1,00,000 and spent Rs 10,000in sending thegoods to M. He also paid Rs 5,000 for insurance. M spent Rs 10,000 as selling expenses and sold goods for Rs.2,00,000. Remaining goods were taken over by him at Rs 5,000. Find out profit on venture.

Q84 . A purchased 1000 boxes of rice costing Rs.200 each .Carriage 2000 ,Insurance 3000.4/5th the boxes where sold by B at Rs.250 per boxes.Remaining stock were taken over by B at cost .The amount of stock taken over will be:

Q85 . Ram in a joint venture with Shyam purchased goods costing Rs. 20,000 and sends to Shyam for sale incurring Rs.1,000 on freight. Shyam took the delivery and paid Rs.500 as carriage. He sold the goods costing Rs.18,000 for Rs. 25,000 and kept the remaining goods at cost price. Sharing equal profits of the venture, amount to be paid by Shyam to Ram will be

Q86 . Rohit and Raja enter into a joint venture to sell cotton, sharing profit, and losses equally. Rohit provides cotton from stock Rs.1,00,000. He pays expenses amounting Rs.10,000. Raja incurs further expenses on carriage Rs.10,000. He received cash on sale of cotton Rs.1,50,000. He D also takes over goods to the value of Rs.20,000. Profit on venture will be

Q87 . Alok and Rohit were partners in a joint venture sharing profits and losses in the proportion of 3/5th and 2/5th respectively. Alok supplies goods to the value of Rs.60,000 and incurs expenses amount Rs.6,000. Rohit supplies goods to the value of Rs.16,000 and his expenses amount to Rs.3,000. Rohit sells goods on behalf of the joint C venture and realises Rs.1,20,000. Rohit is entitled to a commission of 5% on sales. Rohit settles his account by bank draft. How much amount Rohit will pay to Alok as final settlement.

Q88 . 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 Rs200.' Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be:

Q89 . Which of the following statement is true?

Q90 . Which of the following statement is true?

Q91 . A and B entered into a joint venture agreement to share the profits and losses in the ratio of 2:1. A supplied 100 ratio sets worth Rs.1,00,000 to B incurring expenses of Rs.5,000 for freight and issuance. B sold the 95 ratio sets for Rs.1,20,000.5 radio sets were taken over by B. The profit/loss on venture will be

Q92 . In a joint venture A contributes Rs.5000 and B contributes Rs.10000. goods are purchases for Rs.11200. expenses amount to Rs.800. sales amount to Rs.14000 the remaining goods were taken by B at an agree price of Rs.400. A and B share profit and losses in the ratio of 1:2 respectively. As a final settlement, much A will receive?

Q93 . State which of the statement is true?

Q94 . A and B entered into a joint venture. They opened a joint bank account by contribution Rs.200000 each. The expenses incurred on venture is exactly equal to Rs.2,00,000. once the work is completed, contract money received by cheque Rs.4,00,000 and in shares Rs.50,000. and in shares Rs.50,000. the shares are sold for Rs.40,000 what will be the profit on venture?

Q95 . A bought goods of the value of Rs.10000 and consigned them to B to be sold by them on a joint venture, profits being divided equally, A paid Rs.1000 for freight and insurance. A draws a bill on B for Rs.10000. A got it discounted at Rs.9500. B sold the goods for Rs.15000. Commission payable to B, Rs. 500. The amount to be remitted by B to A will be:

Q96 . Gattu and Bittu entered into a joint venture where Gattu bought goods of the value Rs.100000 and consigned them to Bittu to be sold by them on joint venture, profits being divided equally. Gattu paid Rs.10000 for freight and insurance. Gattu draws a bill on Bittu for Rs.1,00,000. Gattu discounted at Rs.95,000. Bittu sold the goods for c Rs.1,50,000. Commission payable to Bittu Rs.5,000. The amount to be remitted by Bittu to Gattu will be

Q97 . Which of the following statement is true:

Q98 . A and B enter into a joint venture sharing profits and losses equally. A purchased 5000 kg of rice @ Rs.50/kg. B purchased 1000 kg of wheat @ Rs.60/kg A sold 1000kg of wheat @ Rs.70/kg and B sold 5000 kg of rice @ Rs..60/kg what will be the final remittance?

Q99 . A and B enter into a joint venture for purchase and sale of type-writer. A purchased typewriter costing Rs.100000. repairing expenses Rs.10000, printing expenses Rs.10000. B sold it at 20% margin on selling price. The sales value will be;

Q100 . If X a co-ventures takes away goods for his personal use. Under memorandum method which of these accounts would be debited

Q101 . Which of these is not point difference between consignment and joint venture

Q102 . A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs.10000. he pays expenses amounting to Rs.1000. V incurs further expenses on carriage Rs.1000. he receives cash for sales Rs.15000. he also takes over goods to the value Rs.2000. Find out profit on venture?

Q103 . A bought goods of the value of Rs. 10000 and consigned them to B to be sold by them on a joint venture, profits being divided equally. A paid Rs. 1,000 for freight and insurance. A draws a bill on B for Rs. 10,000. A got it discounted at Rs. 9,500. B sold the goods for Rs. 15,000. Commission payable to B, Rs. 500. Find out the profit on venture?

Q104 . A and B enter into a joint venture for purchase and sale of Type-writer. A purchased Typewriter costing Rs 100000. Repairing expenses Rs 10000, printing expenses Rs 10000. B sold it at 20% margin on selling price. The sales value will be:

Q105 . X andY entered into a joint venture sharing Profits & Losses equally. X provides goods from his stock Rs.20,000. He pays expenses amounting to Z Rs. 2000. Y incurs further expenses on carriage Rs.3,000. He received cash for sales Rs.35,000. He also takes overq goods to the value of Rs.5,000. What will be the amount to be remitted by Y toX?

Q106 . Goods sold by other co-venturer is debited to which account

Q107 . Ram and Shyam enter into a joint venture sharing profits and losses in the ratio 3 : 2. Ram purchased goods costing Rs.200000. Other expenses of Ram Rs.10000. Shyam sold goods for Rs.180000. Remaining goods were taken over by Shyam at Rs.20000. The amount D of final remittance to be paid by Shyam to Ram will be

Q108 . X a co-venturer returns goods to other co-venturer Y. in whose books the transaction would be recorded under memorandum joint venture method

Q109 . A and B were partners in a joint venture shciring profits and losses in the proportion of 3/5* and 2/5* respectively. A supplies goods to the value of Rs.60000 and incurs expenses amounting Rs.6000. B supplies goods to the value of Rs.14000 and his expenses amount to Rs.1000. B sells goods on behalf of the joint venture and realizes Rs.100000. B entitled to a commission of 5% on sales. B settles his account by bank draft. Find out the profit on venture?

Q110 . Which of the following methods of valuation of closing stock is followed in joint venture accounting