Info abt Consignment and Shares:
This query is : Resolved
28 October 2007
Case I: A consigns goods costing Rs 33,000 to B at “PROFORMA price” which was cost plus one sixth profit on “invoice price”. What is invoice price of goods?
a39000 b. 39600 c. 40000 d 45000
In above case, what does “proforma price” mean and what’s its difference from Invoice price?
Case II:
A and B ( Capital 40,000 and 20000) buy land at 60k and sell it for 80k. What’s the profit on Joint Venture?
a) 20k b)30k
Case I: A consigns goods costing Rs 33,000 to B at “PROFORMA price” which was cost plus one sixth profit on “invoice price”. What is invoice price of goods?
a39000 b. 39600 c. 40000 d 45000
In above case, what does “proforma price” mean and what’s its difference from Invoice price?
Case II:
A and B ( Capital 40,000 and 20000) buy land at 60k and sell it for 80k. What’s the profit on Joint Venture?
a) 20k b)30k
30 October 2007
Dear Sushant,
Case I : Proforma Price and Invoice Price are same. Answer is 1/6 th of invoice price is 1/5 th of cost price. i.e. 33000*1/5 = Rs. 6600 Thus invoice price = 33000 + 6600 = 39600
Case II : JV profit = Rs. 20000 to be shared in Ratio Of Capital 2:1.
(80000-60000=20000)
Good Luck
Case I : Proforma Price and Invoice Price are same. Answer is 1/6 th of invoice price is 1/5 th of cost price. i.e. 33000*1/5 = Rs. 6600 Thus invoice price = 33000 + 6600 = 39600
Case II : JV profit = Rs. 20000 to be shared in Ratio Of Capital 2:1.
(80000-60000=20000)
Good Luck
09 November 2007
Thanks for the inputs
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Type of Capital Gain
- Banking Related Issue
- Average Cost Of High Quality Diamonds
- TDS offline utility
- Due Date Clarity
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- IT returns for fresh job holders
- Rent claimed on building given on permissive possession basis
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
