Question

A & B entered into a joint venture. A contributed Rs.2,00,000 for goods and Rs.15,000 expenses. B supplied goods of Rs.56,000 and paid expenses of Rs.2,000. B sold the goods for Rs.4,00,000. B is allowed a commission of 10%. Profit sharing is 3:2. How much amount B has to remit to A in full settlement of account? a) Rs.2,67,200 b) Rs.2,65,200 c) Rs.1,67,200 d) Rs.2,00,000

Answer 1

Answer:

May 1, 2019 Purchased goods for cash Rs.10,000

2 Withdrawn cash from office for personal use Rs 1500.

3 Purchase goods on credit from ABC Traders Rs. 6,55000

5 Sold goods to Jayant 50,000

8 Cash deposited into bank Rs 2500.

Explanation:

May 1, 2019 Purchased goods for cash Rs.10,000

2 Withdrawn cash from office for personal use Rs 1500.

3 Purchase goods on credit from ABC Traders Rs. 6,55000

5 Sold goods to Jayant 50,000

• 8 Cash deposited into bank Rs 2500.