CA CPT 2014 June Question Paper Fundamentals of Accounting for online practice

41.‘A’ and ‘B’ enter into a joint venture business ‘A’ purchased goods worth Rs. 30,000 and ‘B’ sold for Rs. 40,000. ‘A’ isentitled to 1% commission on purchases and ‘B’ is entitled to 5% commission on sales. The profit on venture to beshared by A & B is (The profit sharing ratio is 2:1)