# P and q enter into joint venture and purchase an old house for \$250,000. Each one of them contributing \$125,000...

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P and Q enter into joint venture and purchase an old house for \$250,000. Each one of them contributing \$125,000. For an agreed fee of \$8000 P is to manage the disposal for the property. P pays 5000 for demolishing the house. The material house was sold for 15000\$ by phone and incurred expenses 3500\$. The whole land was sold by people eventually for \$380,000.
If P and Q shares profit equally then what is the profit?

posted Jan 26

P and Q spent:
\$ 250000+ \$5000+\$3500=\$258500 (they agreed to spend \$8000 but spent \$5000 and additional expense of \$3500)
\$15000+\$380000=\$395000
The difference is the profit:
\$395000-\$258500=\$136500
Each of them got \$136500/2=\$68250

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