X and Y entered into a Joint Venture sharing profits and losses In the ratio of 5:3. X Seonttibuted Rs.50,000 and Y contributed §:30,000. Contract price is Rs.2,00,000.
X paid wages Rs.60,000
Y paid expenses Rs.1,62,000
After the completion of the venture, Y took the Machinery for Rs.6,000. Profit / Loss on Joint Venture is _________

Question

Examsnet · Accepted Answer

Correct Answer is : Loss Rs.16,000

CA CPT June 2019 Question Paper Fundamentals of Accounting for online practice