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Question
A and B enter into a joint venture sharing profit and losses equally. A purchased 10,000 kg of rice @ 50 per kg. B purchased 2000 kg of wheat @ 60 per kg. A sold 2000 kg of wheat @ 70 per kg and B sold 10,000 kg of rice @ 60 per kg. The profit on venture when same sets of books is maintained will be ____________.
A and B enter into a joint venture sharing profit and losses equally. A purchased 10,000 kg of rice @ 50 per kg. B purchased 2000 kg of wheat @ 60 per kg. A sold 2000 kg of wheat @ 70 per kg and B sold 10,000 kg of rice @ 60 per kg. The profit on venture when same sets of books is maintained will be ____________.
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Solution
The correct option is C 1,20,000.
Cost of goods sold = 10,000 x Rs. 50 per kg + 2,000 x Rs. 60 per kg = 5,00,000 + 1,20,000 = Rs. 6,20,000Sales = 2,000 x Rs. 70 per kg + 10,000 xRs. 60 per kg = 1,40,000 + 6,00,000 = Rs. 7,40,000 Profit = sales - cost of goods sold = 7,40,000 - 6,20,000 = Rs. 1,20,000
Cost of goods sold = 10,000 x Rs. 50 per kg + 2,000 x Rs. 60 per kg
= 5,00,000 + 1,20,000
= Rs. 6,20,000
Sales = 2,000 x Rs. 70 per kg + 10,000 xRs. 60 per kg
= 1,40,000 + 6,00,000
= Rs. 7,40,000
Profit = sales - cost of goods sold
= 7,40,000 - 6,20,000
= Rs. 1,20,000
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