CA CPT Dec 2017 Question Paper Fundamentals of Accounting for online practice

P & Q entered into a joint venture. P purchased 5,000 units of goods at ₹ 30 each. Q sold ₹ 4,800 units at ₹ 50 each. The remaining goods were taken over by Q at a value of ₹ 5,000. P is allowed a commission of 2% on purchased and Q is allowed a commission of 1% on sales. Find the share of Q in the profit of joint venture.