a and bentered into a joint venture contract for sharing profit and lo

1.	a and bentered into a joint venture contract for sharing profit and losses in a ratio of 60%and 40%. a purchased worth 300000 and dispatched to b. a paid 24000 in process.
Answer» Answer: Cost of goods purchased by A = Rs. 2,00,000 Sale value of goods SOLD by B = Rs. 2,50,000 Profit on sale = Sale value - Cost PRICE = Rs. 2,50,000 - Rs. 2,00,000 = Rs. 50,000 Commission to A = 1% on purchase = Rs. 2,00,000 x 1% = Rs. 2,000 Commison to B = 5% on sale = Rs. 2,50,000 x 5% = Rs. 12,500 TOTAL commission payable = Rs. 2,000 + Rs. 12,500 = Rs. 14,500 Thus, Profit on venture = Total profit - Total commission payable = Rs. 50,000 - Rs 15,500 = Rs. 35,500. take your answer

a and bentered into a joint venture contract for sharing profit and losses in a ratio of 60%and 40%. a purchased worth 300000 and dispatched to b. a paid 24000 in process.

Answer»

Answer:

Cost of goods purchased by A = Rs. 2,00,000

Sale value of goods SOLD by B = Rs. 2,50,000

Profit on sale = Sale value - Cost PRICE = Rs. 2,50,000 - Rs. 2,00,000 = Rs. 50,000

Commission to A = 1% on purchase = Rs. 2,00,000 x 1% = Rs. 2,000

Commison to B = 5% on sale = Rs. 2,50,000 x 5% = Rs. 12,500

TOTAL commission payable = Rs. 2,000 + Rs. 12,500 = Rs. 14,500

Thus, Profit on venture = Total profit - Total commission payable = Rs. 50,000 - Rs 15,500 = Rs. 35,500. take your answer

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a and bentered into a joint venture contract for sharing profit and losses in a ratio of 60%and 40%. a purchased worth 300000 and dispatched to b. a paid 24000 in process.​

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a and bentered into a joint venture contract for sharing profit and losses in a ratio of 60%and 40%. a purchased worth 300000 and dispatched to b. a paid 24000 in process.