Question

(Books of both Venturers) Rakhja of Patiala and Sunja
Jalandhar enter into an agreement to consign finished goods to Dhamija of Ludhiana to be sol
on their joint risk. They agreed to share any profit resulting from transaction in the ratio of 3.
Dhamija is entitled to 10% commission of net proceed (Sales - Expenses) after charging suc
commission. Rakheja sent 3,000 Kg of Material A costing 50 per kg to Juneja of Chandigarh fe
processing and paid freight and other expenses @ 72 per kg. Suneja sent 2,000 kg of Material
casting 100 per kg to Juneja for processing and paid freight and other expenses @ 35 per k
Juneja manufactured 4,800 units after processing and sent it to Dhamija and paid freight ar
other expenses @ As 3.75 per unit, He sent the conversion cost bill a 20 per unit and expens
bill to Rakheja who paid the same. Dhamija sold 90% of the goods at. Cost plus profit of 70%
cost and paid selling expenses @ 5 per'unity He took over half the balance goods cost plus prof
20% on cost. He is not entitled to any commission on goods taken by him. Half portion of t
remaining goods was badly damaged and was treated as unsalable. Owing to fall in the mark
price, the value of stock is to be reduced by 10%. After deducting his expenses and commission
remitted proceeds to Rakheja and Suneja in the ratio 3 : 2. The co-venturers agree to settle
accounts on interim basis after retaining 30% of the profits for taxation. Prepare necessa
ledger accounts in the books of Rakheja and Suneja.
2​

Answer 1

Answer:

the question is too long