3. Das Bose and Gupta undertake to erect a five storied mansion for National Housing Trust Ltd. The contract
price is agreed at 25,00.000 to be paid in cash 2200000 by four equal installments and the balance
amount in 8% Debentures of the company. They agree to share equally the profit or loss.
They opened a Joint Banking Account with cash contributed as stated below; Das 3,00,000: Bose: 3,75,000:
Gupta 200000 Das arranges the preparation of building plans, etc., and pays 32,000 as architect's fees.
Bose brings a concrete mixer and other implements valued at 80000 and Gupta brings a motor lorry valued
at 75000.
They paid in cash for the following:
₹
Materials
Wages
Sundry expenses
Plant
12,26,800
733200
20,000
60000
On completion of the venture concrete mixer is sold 50000 and plant and other implements are sold as
scrap for 10,000. Gupta takes back the motor lorry at 40,000
Subsequently Das took over the Debentures issued by the company at a valuation of 2,80,000.
Show the necessary ledger accounts for the joint venture.
Answers
Answer:
3. Das Bose and Gupta undertake to erect a five storied mansion for National Housing Trust Ltd. The contract
price is agreed at 25,00.000 to be paid in cash 2200000 by four equal installments and the balance
amount in 8% Debentures of the company. They agree to share equally the profit or loss.
They opened a Joint Banking Account with cash contributed as stated below; Das 3,00,000: Bose: 3,75,000:
Gupta 200000 Das arranges the preparation of building plans, etc., and pays 32,000 as architect's fees.
Bose brings a concrete mixer and other implements valued at 80000 and Gupta brings a motor lorry valued
at 75000.
They paid in cash for the following:
₹
Materials
Wages
Sundry expenses
Plant
12,26,800
733200
20,000
60000
On completion of the venture concrete mixer is sold 50000 and plant and other implements are sold as
scrap for 10,000. Gupta takes back the motor lorry at 40,000
Subsequently Das took over the Debentures issued by the company at a valuation of 2,80,000.
Show the necessary ledger accounts for the joint venture.
Explanation:
NHT's COVID-19 Response Principles
Policy makers should ensure that families across the country maintain their homes through the crisis by reflecting these core principles:
Protect residents;
Preserve existing affordable housing; and
Produce new affordable housing.
Below are specific approaches policy makers should consider.
Protect Residents
Policy makers must prioritize protecting renters.
Problem: For workers with service or hourly jobs that cannot be performed remotely or whose workplaces have closed, the loss of income to them is immediate and dramatic. Many renters struggle to make ends meet and now have even fewer resources to do so.
Solutions:
Create emergency rental assistance to ensure that all renters can meet their housing costs without additional debt. Once an eviction moratorium expires, residents must pay their rent balance. Emergency rental assistance is necessary to defray rental costs so that residents do not face eviction once the moratorium is lifted or take on debt to stay in their home. Federal relief funding should be targeted for rental assistance. In addition, states and localities should prioritize the use of flexible local funds and federal stimulus funding to create rental assistance programs. It is important that these funds extend to renters in properties that do not receive federal subsidies, including Low-Income Housing Tax Credit (Housing Credit) properties and naturally occurring affordable housing, where most residents bear the full share of rental payments.
Keep residents in their homes by suspending subsidy terminations and automatically extending housing vouchers. Terminating subsidies and allowing housing vouchers to expire during the COVID-19 crisis puts already-vulnerable families at risk of being unable to afford their rent. Policy makers should suspend subsidy terminations and automatically extend housing vouchers to protect residents and provide housing stability.
Keep residents in their homes by enacting eviction moratoria. States and localities should ensure that residents are not evicted from their homes if they are unable to pay their rent because they are financially impacted by the pandemic. While the federal government has enacted a ban on evictions for residents of federally assisted and government-sponsored enterprise (GSE)-backed housing, eviction moratoria are still necessary to ensure that residents not covered by the federal eviction moratorium can remain in their homes.
Target emergency resources to persons experiencing or at risk of homelessness and homeless service providers. Policy makers should provide temporary rental assistance to prevent evictions and homelessness and help people already experiencing homelessness to move rapidly from crowded shelters into permanent housing.
Answer:
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