Question

‘A’ of Banglore enters into a joint venture with ‘B’ of Bombay to ship
cotton bales to ‘C’ in Japan. A sends cotton of the value Rs. 30,000,
pays railway freight etc. Rs. 1,500 and sundry expenses R. 1,575. B sends
goods valued at Rs. 20,750 and pays freight and insurance Rs. 1200,
dock dues Rs. 200, customer charges Rs. 500, and other sundry expenses
Rs. 500. A advances to B Rs. 6,000 on account of the venture. B receives
Account sale and remittance of net proceeds from C for the whole of
the goods amounting to Rs. 80,000.
Show the Joint Venture Account and the personal accounts of the Co-ventures in the books of A and B

Answer 1

Answer:

A’ of Banglore enters into a joint venture with ‘B’ of Bombay to ship

cotton bales to ‘C’ in Japan. A sends cotton of the value Rs. 30,000,

pays railway freight etc. Rs. 1,500 and sundry expenses R. 1,575. B sends

goods valued at Rs. 20,750 and pays freight and insurance Rs. 1200,

dock dues Rs. 200, customer charges Rs. 500, and other sundry expenses

Rs. 500. A advances to B Rs. 6,000 on account of the venture. B receives

Account sale and remittance of net proceeds from C for the whole of

the goods amounting to Rs. 80,000.

Show the Joint Venture Account and the personal accounts of the Co-ventures in