Question

Achal of Ahmedabad entered into joint venture with Bharat of Bharuch to

purchase and sale mobile phones with an understanding to share

profits/losses in the ratio 1:2. Achal brought Rs.5,00,000 and Bharat

brought Rs.10,00,000 in cash which was deposited in the Joint Bank A/c.

Achal bought 100 mobile phones at Rs.9,000 each by making payment

from Joint Bank A/c. He paid Rs.16,000 towards freight and Rs.4,000

towards Octroi from his personal cash. Bharat sourced 70 mobile phones

at Rs.8,000 each by making payment from Joint Bank A/c. 10 mobile

phones purchased by Bharat were damaged for which, Bharat paid

Rs.1,250/- per mobile phone for repairs from his personal cash.

Bharat sold 150 mobile phones at the rate of Rs.12,000 per mobile

phone and 10 mobile phones at the rate of Rs.8,000 per mobile phone.

Sales proceeds were received in cash which was then deposited in joint

bank account.

10 mobile phones purchased by Achal were in stock. It was

estimated that Net Realisable Value of these mobile phones would be

Rs.8,000 per mobile phone.

Prepare Joint Venture A/c,. Joint Bank A/c., Cash A/c. and Co-

venturers’ A/cs. Show calculation of value of closing stock.​

Answer 1

Answer:

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