Question

Anuska and Avani entered into joint venture contributing Rs.5,00,000 each into joint bank account to share profit and loss equally. It was agreed to pay commission @8% on the sale made by the each of them.
They purchased goods for Rs.8,00,000 and Anushka sold 60% of the same for Rs.5,20,000. Rs.25,700 was spent on loading and unloading. 30% of goods were sold by Avani for Rs.3,00,000. Closing stock was taken by the ventures in the ratio of 3:2 at cost price of purchased amount of goods and the venture's A/c settled from joint bank A/c.
Final amount payable to Anushka on completion of joint venture =?

• A. Rs.4,97,950
• B. Rs.4,96,350
• C. Rs.5,45,950
• D. Rs.5,28,350

Answer 1

The correct option is A Rs.4,97,950

Amount payable to Anushka $=$ (Capital contributed $+$ Commission recieved on sales $+$ share in profit $+$ expenses incurred) $-$ (Sales $+$ Stock taken over)

$=$ $(5,00,000+41,600+4,350+25,700)$ $-$ $(5,20,000+48,000)$

$=$ $(5,71,650)$ $-$ $(5,68,000)$

$=$ $3,650$.