Question

Kabir of haridwar and bihari of mathura enter into a joint venture. They decided to send 500 machines to devdhar of Gujarat. Their profit sharing ratio 3 is to 2 respectively. 300 machines @ 200 per machines. He spent rupees 1500 in freight and other expenses. Bihari sent 200 machines @ rupees 250 per machine and spent rupees 1000 in freight and other expenses. Devdhar sold entire goods for rupees 140000. He deducted rupees 3000 for expense and 5% discount. He sent a cheque for rupees 80000 to Kabir and draft of balance sent to bihari.