Question

3.Das and Boss entered into a joint venture sharing profits and losses as 3:2. They opened bank a/c by depositing Rs. 40,000 each. Das purchased 800 kg. of an item @ 60 per kg. and his expenses were Rs. 13,000. Boss purchased a second item of 10,000 kg. @ 2.10 per kg. and his expenses were Rs. 11,000. Expenses were met from private sources and purchases were paid from bank account. Boss sold 600 kg. of the first item @ 100 per kg. and his selling expenses were Rs. 5,500. Das sold Rs. 8,000 kg. of second item at Rs. 5 per kg and his selling expenses were Rs. 6,000. All the sale proceeds were deposited in bank account and expenses were met from private sources. Write up necessary accounts in the books of the joint venture​

Answer 1

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