CA CPT Model Test Paper 4 with solutions for online practice

Rohit and Raja enter into a joint venture to sell cotton, sharing profit, and losses equally. Rohit provides cotton from his Inventory Rs. 1,00,000. He pays expenses amounting Rs. 10,000. Raja incurs further expenses on carriage Rs. 10,000. He received cash on sale of cotton Rs. 1,50,000. He also takes over goods to the value of Rs. 20,000. Profit on venture will be