Question

11. X and Y jointly undertake to construct a building for H Ltd For a contract price
5000000 payable as to 80% in cash by four equal instalments and the balance in fully paid
Equity shares of Rs. 10 each at a premium of 100% They opened a bank account in their
fully paid. Equity shares of Rs 10 each at a premium of 100%. They opened a bank account
in their joint name and deposited Rs. 21,00,000 in the ratio of 2:1. Their transactions were
as follows:
(a) Materials supplied by X-Rs. 60,000
(b) Wages paid Rs. 6,00,000, Material bought Rs. 9,00,000, Mixer Rs. 1,00,000, Plant Rs
3,00.000
Insurance premium and other expenses paid by Y-Rs. 40,000
On completion of construction the contract price was realized
X took over unused materials at Rs. 40,000
(f)
Y took over mixer at Rs. 60,000
Plant was sold at Rs. 1,85.000
(h)
Materials costing Rs. 20,000 stolen against which claim of Rs. 15,000 was received
(1) X took up 60% of the Shares and Y took up the balance Shares at an agreed valuation
of Rs 15 per share.
Accounts were settled
Prepare Joint Venture Account, Joint Bank Account and Accounts of X and Y.

Answer 1

Answer:

40,000

On completion of construction the contract price was realized

X took over unused materials at Rs. 40,000

(f)

Y took