QUERY ON CPT ACCOUNTS

Q1:- expenses on venture:

purchases+fright n insurance+commmision payable

i.e. 10000+1000+500=11500

nw sales =rs 15000

profit on venture = 15000-11500 = 3500rs

for d 2nd question u need to draw A's account with B

do u knw d concept of drawing dis account or shud i xplain u wd dat also??

thanks for ur reply..

1) quesiont answer is 3000, i want to know how to get that answer...

2) i know that things and answer is 83400, we got that but i need proper methode for that...

can u give me proper method for both....

for first question create JV account

and debit side enter all expenses and purchases

credit all gain wit closing stock

then total both sides

the difference amount of debit and credit side is profit or loss

Q2:-

prepare joint venture A/c by:

debit:-60000 + 16000 + 6000 + 3000 + 6000(commision to B) = 91000

nw credit:- 120000(sales)

profit on venture = 120000-91000 = 29000

profit to A = 29000 x 3/5 = 17400

profit to B = 29000x 2/5 = 11600

commision to B = 120000 x 5/100 = 6000

nw prepare A's a/c:-

credit:- 60000 + 6000 + 17400 = 83400

debit:- nil

so remmitance to A = Rs.83400

a. 13,000

c. 21,000

d. 25,000

please provide me some solution over this i am confused about this correct answer its whether 13000 or 25000

10000+1000+500commission and also add discount 500= 12000
 

15000-12000=3000 is write answer :)