G

Gopal Sharma • 38.32K Points
Coach 

Q. In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be

(A) 7,200
(B) 7,100
(C) 6,800
(D) 7,600

Correct Answer - Option(B)

Share

Discusssion

Login to discuss.

Loading comments.....

Related Posts

Q. In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be

Q. The periodical total of Returns Inward Day Book is posted to 5

Q. The original cost of the machine is 19,00,000; machine installation charges are 1,00,000; working life of the machine is 5 years and residual value is 40,000. If the depreciation is charged on Straight Line basis then 4th year’s depreciation will be:

Q. At the time of dishonor of an endorsed bill, which account would be credited by the drawee?

Q. Which of the following will result in disagreement of Trial Balance?

Q. When opening stock 50,000; closing stock 40,000; purchases 1,90,000 profit margin is 16.67% on sales, the sales are:

Q. Trade discount is allowed at the time of sale of goods.

Q. A debit note issued to a creditor for goods returned is to be recorded in the

Q. Any income arising from special fund will be credited to

Q. In case of depreciable assets are revalued, the provision for depreciation is based on

View All Posts