Question

A and B purchased 20 old computers for ₹7,250 each in a joint venture and spent ₹42,500 on repairs. 17 computers were sold for ₹1,95,500 and selling expenses amounted to ₹2,125. Unsold computers were taken by A at cost price. Pass necessary journal entries and profit on Joint Venture. 2. A and B enter into a joint venture sharing profit and losses in the ratio 3:2. A purchased goods costing ₹ 2,00,000. B sold 95% goods for ₹ 2,50,000. A is entitled to get 1% commission on purchase and B is entitled to get 5% commission on sales. A drew a bill on B for an amount equivalent to 80% of original cost of goods. A got it discounted at ₹ 1,50,000. Calculate B’s Share of Profit. 3. Why are abnormal losses ignored when calculating the profit of the joint venture? 4. When it is appropriate to keep separate set of books in Joint Venture?

Answer 1

Answer:

its verry long

i no this sorry