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I have some doubts about following problems...please clarify it...
1.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.8 000. A is entitled to get 1% commission on purchase. B is entitled to get 2% commission on sales. Profit sharing ratio equal. A`s share to profit on venture will be :
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| aIRs.40,000.00 | |||||||||||
| b)Rs.40,400.00 | |||||||||||
| c)Rs.40,600.00 | |||||||||||
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d)Rs.40,200.00 2.
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1. answer s=is 40200
make an account..
debit side u will have purchases of 200000,commission of 2000 and 5600...
credit side u will have sale - 280000 and stock taken over at 8000 in the name of A..
balance it u will get profit of 80400
divide it in the ratio 1:1
2...start counting from 21st...add 3 days of grace.....remember feb has just 28 days...so 7 days in feb , 23 days in march and 3 days grace period...u will get answer as 26th march..........
Regards
1. (d) 40,200
i.e. Profit = 280,000-2,00,000+8,000(goods taken over by A)-2,000(1% of Rs.200,000)-5,600(2% of Rs.280,000) = Rs.80,400
And A's Share = 1/2(Rs.80,400) = Rs.40,200
Consider (+) as credits and (-) as debits while preparing joint venture account.
2. Due date for bill after sight is calculated from the date of acceptance.
Thus ans is (c)
hi bhargav
in joint venture a/c.
1.purchase Dr.200000
2.1% commission Dr 2000
3.2%commission Dr 5600
4.sale 280000 & 8000 cr
5.bal figure is profit 80400 then divide equally.
whenever there is a after sight then always acceptance date is drawn date toward maturity nd feb has 28 days.
ans-26/3/05
agree
1) 40,200 (80,400/2)
2) 26.03.2005 (23.03+3days)
Hi frineds, keep in mind that in CPT exams, time is the main deciding factor. so try to save time. If the question asks u to find the amount of profit, use Calculators only without any rough work. put all income/ credit side items in M+ any all expenses/debit side items in M-. Finally press MR. if answer is positive, it is profit and negative is the loss. Distribute it amongst co-venturers in their PSR.
Regards, CA Shakuntala Chhangani
CAclubindia
