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

yaa, AGREE WITH ROHIT 

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