Foundation PN-2 Accounts and Cost Quiz 3

1. ‘M’ and ‘N’ enter into joint venture where ‘M’ supplies goods worth ₹6,000 and spend ₹100 on various expenses. ‘N’ sells the entire lot f or ₹7,500 meeting selling expenses amounted to ₹200 profit sharing ratio equal. N remits M the amount due. The amount of remittance w ill be :

2. What is the nature of joint venture with co-venture account :

3. A purchased goods costing ₹42,500. B sold goods of ₹40,000 at ₹50,000. Balance goods were taken over by A at same gross profit pe rcentage as in case of sale. The amount of goods taken over will be :

4. Memorandum Joint Venture Account is :

5. If unsold goods costing ₹20,000 is taken over by venture at ₹15,000 the Joint venture A/c wil l be credited by :

6. A, for joint venture with B, Purchased goods costing ₹2,00,000. B sold 80% of the goods for ₹2,50,000. Balance of goods were taken over by B at cost less 25%. Find out pro fit on venture?

7. A and B purchased a piece of land for ₹40,000 and sold it for ₹ 60,000 in 2021. Originally A had contributed ₹24,000 and B ₹16,000. What will be the profit on venture?

8. Joint venture account is of the nature of :

9. X of Mumbai sends out certain goods at cost +25%. Invoice value of the goods is ₹2,00,000. 4/5th of the goods were sold by consignee at ₹1,76,000. Commission 2% upto invoice value and 10% of any surpl us above invoice. The amount of commission will be :

10. Commission will be shared by :

11. A proforma invoice is sent by :

12. X of Kanpur sends out 1000 boxes to Y Delhi costing ₹ 200 each at a n invoice price of ₹ 220 each goods sent out on consignment to be credited in general trading will be :

13. For closing stock held by consignee which account must be debited :

14. Which of these accounts are not opened in the books of consignor?

15. Which of the following term is true about consignment?

16. The consignment accounting is made on the following basis :

17. X sends out 100 bags to Y costing ₹1,000 each. 60 bags were sold at 10% above cost price. Sale value will be :

18. Out of the given option which cannot be treated as part of cost of purchase for valuing stock on hand :

19. Goods sent on consignment account is of the nature of :

20. Goods of the invoice value of ₹ 2,40,000 sent out to consignee at 20% profit on cost the loading amount will be :

21. X sends out goods to Y, costing ₹1,50,000. Goods are to be sold at co st +33 1/3%. The consignor asked consignee to pay an advance for a n amount equivalent to 60% of sales value. The amount of advance will be :

22. On receipt of goods the consignee debits which of these accounts :

23. Which of these is/are recurring (indirect expenses)?

24. Which of these errors affect only one account

25. A credit purchase of ₹ 950 from sudhir was recorded in purchases book as ₹ 590. The rectification entry is