1,000, B 67,400
16. Varun and Manu both Building contractors, undertook a Joint Venture involving the construction
of a college building. The Joint Bank Account was opened in which Varun deposited 1,50,000 and
Manu deposited 1,25,000. The contract amount was 2,50,000. The result of Joint Venture was to
be shared by Varun 2/3rd and Manu 1/3rd, the details of the transactions were as under :
(i) Salaries paid
(ii) Wages paid
(iii) Building materials purchased
(iv) Materials supplied by Varun
(v) Materials supplied by Manu
(vi) Architect's Fees
(vii) Concrete mixer plant purchased
11,000
55,000
1,00,000
9,000
8,000
17,000
25,000
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