Q. In a joint venture X and Y sharing p rofit and loss equally, X purchased goods costing of 40,000 and Y sold the goods for 50,000. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales, the profit will be (Solved)

1. 7,200

2. 7,100

3. 6,800

4. 7,600

  • b. 7,100
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