Multiple choice

Anushka and Avani entered into joint venture contributing Rs$5,00,000$ each into joint bank account to share the profit or loss equally. It was agreed to pay commission @ $8\%$ on the sale made by 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. For unsold goods taken over by Anushka Joint Venture A/c will be credited for....

  1. Rs$49,542$
  2. Rs$33,028$
  3. Rs$32,000$
  4. Rs$48,000$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The total cost of goods is 8,00,000. Anushka sold 60% (4,80,000 cost) and Avani sold 30% (2,40,000 cost). The remaining 10% (80,000 cost) is the closing stock. Since the ratio of taking over is 3:2, Anushka takes 3/5 of 80,000 = 48,000.

AI explanation

The total cost of the goods purchased is Rs 8,00,000. Anushka and Avani sold a combined 90% of the goods, leaving exactly 10% unsold. The cost price of this unsold 10% is 0.10 multiplied by 8,00,000, which equals Rs 80,000. This closing stock is taken by the ventures in a 3:2 ratio, so Anushka takes 3/5 of the 80,000, resulting in the Joint Venture A/c being credited by Rs 48,000.

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