Joint Venture-Test 2

A & B has started a joint venture for purchase and sale of garments. Initial capital contribution was Rs.25,000 and Rs.50,000 respectively. There is no written agreement about share of profit/loss amongst them. They purchased garments worth Rs.50,000 and sold for Rs.75,000. The profit of Rs.25,000 shared by them as :-

Karthik and Dhoni enter into a joint venture sharing profit and loss in the ratio of 2 : 1. Karthik purchased the goods costing Rs.2,00,000. Dhoni sold the goods for Rs.2,50,000. Karthik is entitled to get 1% commission on purchase and Dhoni is entitled to get 5% commission on sales. The profit on venture will  be :-

The minimum number of co-venture will be atleast ______ in joint venture business.

Which of the following is true ?

C and D enter into a joint venture to share profit in the ratio 5 : 3. Apart from the profit, D is entitled to a commission of 5% of net profit after charging such commission. If net profit of joint venture is Rs.33,600 before charging such commission. What will be share profit of C and D :

Aasha and Shivani entered into a Joint venture sharing profits and losses in the ratio 2 :1. Aastha purchased goods costing Rs.30,000. Shivani sold goods for Rs.40,000. Aastha was entitled to get 1% Commission on purchase and Shivani was entitled for 5% Commission on sales. Aastha’s and Shivani’s share in profit on venture would be :

In case of Joint Venture business, the method of accounting to be followed is decided by :

In case of Joint Venture, for purchase of machinery from Joint Bank A/c, in case separate set of books are maintained, the correct journal entry will be :

Mohit and Rohit entered into a joint venture sharing profits and losses in the ratio 2 :1 respectively. Mohit purchased goods costing Rs.2,00,000 and incurred Rs.15,000 as frieght and sent it to Rohit. Rohit purchased goods to the value of Rs.56,000 and incurred expenses amounting to Rs.5,000. Rohit sold the goods on behalf of the joint venture and realized  Rs.4,00,000. He was entitled to 10% commission on sales. How much amount will Rohit pay to Mohit as final settlement ?

When the record of transactions relating to joint venture are made in the books of one venturer, then the venturer recording the transactions, records his share of investment by _____ .

A and B were partners in joint venture sharing profit and losses in proportion of 3 : 2. A supplies goods to the value of Rs.60,000 and incurs expenses amounting Rs.6,000. B supplies to the value of Rs.14,000 and his expenses amounted Rs.1,000. B sells goods on behalf of the joint venture and realises Rs.1,00,000. B is entitled to a commission of 5% on sales. B settles his account by a bank draft. Find out the profit on venture.

In a joint venture X contributes Rs.25,000 and Y contributes Rs.50,000. Goods are purchased for Rs.56,000. Expenses amount to Rs.4,000, sales amount to Rs.70,000, the remaining goods costing Rs.3,000 were taken over by Y at an agreed price of Rs.2,000. X and Y share profit and losses in ratio of 1 : 2 respectively. As a final settlement, how much X will receive ?

Memorandum joint venture account is prepared :

Raj and Simran enter into a joint venture to sell silk, sharing profits and losses equally. Raj provides silk from his inventory Rs.1,00,000. He pays expenses amounting Rs.10,000. Simran incurs further expenses on carriage Rs.10,000. She received cash on sale of silk Rs.1,50,000. She also takes over goods to the value of Rs.20,000. Profit on venture will be :

X and Y enter into a joint venture sharing profits and losses equally. X purchased 1,000 kg of sugar @ Rs.25 per kg. Brokerage paid Rs.1,000 and carriage paid Rs.500. Y sold 950 kg. of sugar @ Rs.32 per kg. Balance sugar was taken over by Y at cost. The value of sugar taken over to be recorded in joint venture will be :

A minor can joint as a co-ventures in a joint venture business :

Aar and Bar were partners in a  joint venture sharing profits and losses in the ratio of 4/5th and 1/5th respectively. Aar supplies goods to the value of Rs.50,000 and his expenses amount to Rs.5,400. Bar supplies goods to the value of Rs.14,000 and his expenses amount to Rs.800. Bar sells goods on behalf of the joint venture and realises Rs.92,000. Bar is entitled to a commission of 5% on sales. Bar settles his account by bank draft. What iwll be the final remittance ?

A and B enter into a J.V. in ratio of 2 : 3. A bought goods worth Rs.36,000 and sent half to B. B purchased goods worth Rs.22,500 and sent Rs.9,000 worth to A. Goods costing Rs.3,000 with A were destroyed by fire, insurance claim was received for 50%. All the goods were sold at mark-up of 25% on cost. Expenses borne by both were to the tune of Rs.5,000.

Sales made by A and B respectively will be :

A and B enter into a J.V. in ratio of 2 : 3. A bought goods worth Rs.36,000 and sent half to B. B purchased goods worth Rs.22,500 and sent Rs.9,000 worth to A. Goods costing Rs.3,000 with A were destroyed by fire, insurance claim was received for 50%. All the goods were sold at mark-up of 25% on cost. Expenses borne by both were to the tune of Rs.5,000.

Profit for the venture will be :

A and B enter into a J.V. in ratio of 2 : 3. A bought goods worth Rs.36,000 and sent half to B. B purchased goods worth Rs.22,500 and sent Rs.9,000 worth to A. Goods costing Rs.3,000 with A were destroyed by fire, insurance claim was received for 50%. All the goods were sold at mark-up of 25% on cost. Expenses borne by both were to the tune of Rs.5,000.

Which of the following terms are not true with regard to Joint Venture business ?

Which of the following statement is true ?

Which of the following statements is not true ?

Ram and Rahim entered into a joint venture to underwrite the equity shares of M/s Antony Ltd. @ 5% underwriting commission. M/s Antony Ltd. made a public issue of Rs.1,00,000 equity shares of Rs.10 each. 90% of the issue was subscribed by the public. The profit sharing ratio between Ram and Rahim is 2 : 3. The balance shares not subscribed by the public are to be purchased by Ram and Rahim in profit sharing ratio. How many shares are to be purchased by Rahim ?

Which of the following statements is true :

Which of the following statement is not true ?

Which of the following statements is true ?

Which of the following statements is true ?

In Memorandum Joint Venture Account Method, each CO-venturer records :

On supply of goods out of own stock for Joint Venture Business

The share of profit of the Co-venturer maintaining all the Joint Venture transactions in his books is :