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Accounting

Q.7 : A and B entered into joint venture. A supplied goods worth Rs. 7,000 and incurred expenses of Rs. 300. B sold the goods for Rs. 10,000 and incurred expenses of Rs. 500. What is the amount of final remittance?
A) Rs. 8,400
B) Rs. 7,900
C) Rs. 8,900
D) None of these

Q.8 : M and N enter into a joint venture where M supplies goods worth Rs. 6000 and spends Rs. 300 on expenses. N sells the entire lot for Rs. 7,800 meeting selling expenses amounting to Rs. 300. Profit sharing ratio equal. N remits to M the amount due. The amount of remittance will be:
A) Rs. 6,900
B) Rs. 7,500
C) Rs. 6,300
D) Rs. 6,600

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