Aar and Bar were partners in a joint venture sharing profits and losses in the proportion of4/5th and 1/5th respectively. Aar supplies goods to the value of Rs.50,000 and incursexpenses amounting to Rs.5,400. Bar supplies goods to the value of Rs.14,000 and hisexpense amount to Rs.800. Bar sells goods on behalf of the joint venture and realizesRs.92,000. Bar is entitled to a commission of 5 percent on sales. Bar settles his account bybank draft. What will be the final remittance?

Question

Examsnet · Accepted Answer

Correct Answer is : Bar will remit Rs.69,160 to Aar

CA CPT 2016 June Question Paper Fundamentals of Accounting for online practice