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A & B entered into a joint venture. They agreed to share profit and loss equally. A purchased good worth Rs. 16000. Good of Rs.4000 Were destroyed by fire. Insurance claim of Rs. 3000 Is received. B sold rest of the goods for Rs.20000. A Share of profit is? . ans. Is Rs.1500. Plz explain the ans.
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I got the answer Net profit of the joint venture for your case Is =Sales - purchases-net Loss due to Fire
Thus Net profit is = 20000-16000-1000* = 3000 for joint ventrue in this A&B's share is 50% each thus A's share is Rs.1500.
*Gross loss by fire - Insurance Claim received = 4000-1000 = Net Loss due to fire.
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