Test Preparation on CA/CS Foundation MCQ Question Joint Venture

1.

Based on the above facts the profit of the venture is?

2.

A and B enter into a joint venture sharing profit andlosses in the ratio 3:2. A will purchase goods and B will affect the sale. A purchase goods costing2 00 000. Bsold it for3 00 000. The venture is terminated after 3months. A is entitled to get 10% interest on capitalinvested irrespective of utilization period. The amountof interest received by A will be

3.

A bought goods of the value of10 000 and consignedthem to B to be sold by them on a joint venture profitsbeing divided equally. A draws a bill on B for an amountequivalent to 80% of cost on consignment. The amountof bill will be-

4.

A bought goods of the value of10 000 and consignedthem to B to be sold by them on a joint venture profitbeing divided equally A paid1000 for freight andInsurance. A draws a bill on B for10 000. A got Itdiscounted at9 500. B sold the goods for15 000.Commission payable to B 500. Find out the profit onventure? Ik

5.

A bought goods of the value of10 000 and consignedthem to B to be sold by them on a joint venture profitsbeing divided equally A paid1 000 for freight andinsurance; A dra\A/s a bill on B for10 000. A got itdiscounted at9 500. B sold the goods for15 000.Commission payable to B 500. The amount to beremitted by B to A will be:

6.

A and B were partners in a joint venture sharing profitsand losses In the proportion of .3/5 ^ and 2/5^respectively. A supplies goods to the value of80 000and incurs expenses amounting6 00G. B suppliesgoods to the value of14 G00 and his expensesamount to2 G00. B sells goods on behalf of the jointventure and realizes1 5G GGG. B entitled to acommission of 5% on sales. B settles his account bybank draft. Find out A s share of profit on venture?

7.

A and B were partners in a joint venture sharing profitsand losses in the proportion 3/5^ and 2/5 ^respectively. A supplies goods to the value of60 000and incurs expenses amounting f6 0G0. B suppliesgoods to the value of16 G00 and his expensesamount to-^3 000. B sells goods on behalf of the jointventure and realizes1 20 000. B entitled to acommission of 5% on sales. B settles his account bybank draft. How much amount B will pay to A as finalsettlement?

8.

A and V enter into a-jolnt venture to sell a consignmentof biscuits sharing profit? and losses equally. A providesbiscuits from stock10 000. He pays expensesamounting to1 000. V incurs further expenses oncarriage1 000. He receives cash for sales15 000. Healso takes over goods to the value of2 000. What willbe the amount to be remitted by V to A?

9.

A and V enter into a joint venture to sell a consignmentof biscuits sharing profits and losses equally. A providesbiscuits from stock10 000. He pays expensesamounting to1 000. V incurs further expenses oncarriage1 000. He receives cash for sales15 000..Healso takes over goods to the value of2 000. Find outprofit on venture?

10.

A purchased 1000 kg of rice costing200 each. Carriage2 000 Insurance 3 000.4/5 ^ of the boxes were sold by Bat250 per boxes. Remaining stock were taken over byB at cost. The amount of stock taken over will be -

11.

Goods costing10 000 destroyed by an accident Insurance claim nil.

12.

A and B were partners in a joint venture sharing profitsand losses In the proportion of 3/5*^ and 2/5^respectively. A supplies goods to the value of60 000and incurs expenses amounting6 000. B suppliesgoods to the value of14 000 and his expensesamount to a1 000. B sells goods on behalf of the jointventure and realizes1 00 000. B entitled to acommission of 5% on sales. B settles his account bybank draft. Find out the profit on venture?

13.

A purchased goods costing2 00 000. B sold the goodsfor2 80 000. Unused material costing10 000 takenover by a at8 000. A is entitled to get 1% commissionon purchase.- B is entitled to get 2% commission onsales. Profit sharing ratio equal. A s share of profit onventure will be -

14.

A and B enter into joint venture sharing profit and loss. equally. A purchased 100kg of rice @20/kg.Brokerage paid200 carriage paid30D. B sold 90kgof rice @^22/kg. Balance rice were taken over by B atcost. The value of rice taken over to be recorded injoint venture will be:

15.

A and B enter into a joint venture sharing profit andlosses equally. A purchased 5 000kg of rice (g)^50/kg. Bpurchased lioGOkg of wheat @60/kg. A sold 1 000 kgof wheat70/kg and B sold 5 000 kg of rice @?60/kg. The profit on venture when same sets of booksis maintained will be -