Question

9. Ramu and shyamu entered into a joint Venture to prepare a film for the Government. The Government agrees to pay Rs. 1,00,000. Ramu contributes Rs. 10,000 and Shyamu contributes Rs. 15,000. These amounts were paid into a joint Bank account. Payments made out of joint account were: Purchase of equipment Rs. 6,000; Hire of equipment Rs. 5,000; Wages Rs. 45,000; Materials Rs. 10,000; Office expenses Rs. 5,000 was found defective and Government made a deduction of Rs. 10,000. The equipment was taken over by shyamu at a valuation of Rs. 2,000. Separate books were maintained for the joint venture whose profits were divided in the ratio of Ramu 2/5 and Shyamu 3/5. Give ledger accounts in the books of the venture.

Answer 1

The payment will fall around Rs 25,000 in the joint account.

Since Ramu is making the payment of Rs. 10,000and then Shyamu adds more to come of the price of Rs. 15,000.

Hence, there is they submitted the total of Rs. 25,000 in the venture.

However, there are yet to pay the government amount.

But once added amount will go to 25000 + 100000 = 125000/-

Then you can add the total amount invested that will go around = 6000 + 5000 + 45000 + 1000 + 5000 + 10000+ 2000 = Rs. 74,000

Remaining amount = 125000 – 74000 = Rs. 51000

Then you can divide them and come up with the final amount.