Question

X and Y entered in a joint venture X supplied goods worth Rs. 60,000 and paid Expenses Rs. 6,000 Y supplied goods worth Rs. 14,000 and paid Expenses Rs. 1,000 Y sold the goods for RS. 1,00,000 and he is entitled to a commission of 5% on sales. Find the profit on Joint Venture. (a) 14,400 (b) 14,000 (c) 13,000 (d) 13,200

Answer 1

Y supplied goods worth Rs. 14,000 and paid Expenses Rs. 1,000 ... for RS. 1,00,000 and he is entitled to a commission of 5% on sales.