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Standard XII
Accountancy
Adjustment in Partner's Capital A/c (Retirement)
A and B enter...
Question

A and B enter into a joint venture for purchase and sale of Type-writer. A purchased Typewriter costing 2,00,000. Repairing expenses 20,000, printing expenses 20,000. B sold it at 20% margin on selling price. The sales value will be ____________.

A
2,50,000.
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B
3,00,000.
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C
2,00,000.
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D
2,80,000.
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Solution

The correct option is B 3,00,000.
Cost of typewriter = Purchase price + direct expenses
= 2,00,000 + 20,000 + 20,000
= 2,40,000
Sales value = Cost price + profit (WN 1)
= 2,40,000 + 60,000
= RS-3,00,000

Working note:-
1) Calculation of profit:-
Given :- profit is 20% of selling price
Lets assume if sales is 100, then profit is 20% of 100
Cost = sales - profit
= 100 - 20
= 80
Therefore, profit = cost x 100/80
= 2,40,000 x 100/80
= RS-3,00,000

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Standard XII Accountancy
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