Q.5 : Karim and Rahim enter a joint venture sharing profits in 2:1. Karim purchases goods of Rs. 2,00,000 and Rahim sells goods of Rs. 2,50,000. Karim gets 1% commission on purhase and Rahim gets 5% commission on sales. Find profit on joint venture. A) Rs. 35,500 B) Rs. 36,000 C) Rs. 34,000 D) Rs. 38,000

Q.6 : If separate set of books is maintained and discount is received at the time of purchase of goods then such a discount will be treated as : A) Income of joint Venture hence credited venture account B) Expense of Joint Venture hence debited to joint venture account C) Will not be recorded in books of account D) Credited to co venturers account