Question

5. X and Y contribute Rs. 50,000 each into a Joint Banking account. They spend
Rs. 90,000 to acquire and sell wheat. X collects Rs. 70,000 and Y Rs. 80,000 from
sales. The venture is closed. Show Joint Venture Account in the separate books of the
venture.
[Ans : Profit : Rs. 60,000​

Answer 1

Explanation:

DATE:

I enter the following transaction in an

analytical pretty cash book under

inprest system and Balarce it

1-2-2017 Received cheque

3-2-2017 Receired postal stamp

15-2-2017 paid carriage on pa

parcels 30

20-2-2017 Parcheesed office files and paper 15

25-2-2017 Paid foon office charing

paid feer advertisement

2 od

2

ho

us

29- 2- 2017

.

Answer 2

Answer:

separate books of the joint venture

To joint bank

(exp). 90000. By joint venture. 150000

(sales proceeds)

To joint venture

(profit) b/f 60000

150000. 150000