CA CPT Model Test Paper 5 with solutions for online practice

A and B are doing business separately as building contractors. They undertook jointly to construct a building for a newly started joint stock company for a contract price of Rs. 2,00,000. A Bank A/c is opened in their joint names; A depositing Rs. 50,000 and B Rs. 30,000. They will share profits and losses in ratio of $\frac{2}{3}$ and $\frac{1}{3}$ respectively. Their transactions were as follows:
$\begin{array}{cc}\mathrm{Paid}\mathrm{wages}& \mathrm{Rs}.60000\\ \mathrm{Brought}\mathrm{materials}& \mathrm{Rs}.162000\end{array}$
Contract was completed and the price was duly received. B took stock of materials for the Rs. 6,000. Profit or loss on joint venture will be: