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doubts....

bhargav (student) (91 Points)

28 May 2011

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 :

aIRs.40,000.00

b)Rs.40,400.00

c)Rs.40,600.00

d)Rs.40,200.00

On 18.2.05. A draw a bill on B for Rs.10 000. B accepted the bill on 21.2.05. The bill is drawn for 30 days after sight. The due date of the bill will be :
A	24.3.05.
B	22.3.05.
C	26.3.05.
D	21.3.05.

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8 Replies

Sunshine (Helping All) (10575 Points)
Replied 28 May 2011

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

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Sunshine (Helping All) (10575 Points)
Replied 28 May 2011

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

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Daniel Robert (Accounts Teacher cum Student) (43 Points)
Replied 28 May 2011

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)

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Rohit Arora (IPCC, b.com(h)) (190 Points)
Replied 28 May 2011

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

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CA Mayur Thakur (Chartered Accountant) (192 Points)
Replied 28 May 2011

yaa, AGREE WITH ROHIT

mridul savio Pinto (articled trainee ) (1477 Points)
Replied 29 May 2011

agree

Dheeraj (Learner) (1100 Points)
Replied 29 May 2011

1) 40,200 (80,400/2)

2) 26.03.2005 (23.03+3days)

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 31 May 2011

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

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