Question

A and B entered into a Joint Venture for the purchase and sale of defence disposal goods. They agreed to share profits and losses in the ratio of 2:1 respectively. The following transaction took place: Jan. 1 A and B paid into Bank Account (Joint bank Account) Rs. 36,000 and Rs. 18,000 respectively. Jan. 5 Paid Rent of the shops Rs. 600 Jan. 7 Purchased goods for cash Rs. 36,000 Jan 15 A paid for Advertising Rs. 100 from his private account Jan. 28 Sold goods and money deposited in Joint bank Account Rs. 19,600. Feb. 8 Sold goods for cash (again) Rs. 26,000. Feb. 15 Purchased goods for cash (again) Rs. 6,000. Carriage, insurance and other expenses. Rs. 60 paid by B from private account. Feb. 17 Sold goods for cash Rs. 14,000. Feb. 25 A took away the balance of goods left unsold at an agreed price Rs. 4,000 Prepare Joint Venture Account, Joint Bank Account and Accounts of A and B. Assume final settlement was made on Feb. 28

Answer 1

sorry

I can't solve this question it's very lengthy question