Question

Illustration 10 X and Y entered into a joint venture for purchase and sale of jute. They agreed to share profits in the proportion of 2:1. The following transactions took place in between them (1) On January 1, 2017, X purchased 1.400 bales of jute at * 55 per bale, the brokerage being ? 2 per bnle, (i) On February 1, 2017. Y purchased 1.200 bales of jute at 7 62 per bale, the brokerage being * 2 per bale; (ii) On March 9, 2017 Y sold 700 bales of jute at 70 per bale (the brokenge being Re I per bale) and took the proceeds to himself, and (iv) On April 1. 2017, X sold 1.600 bales of jute at 7 66 per bale (brokerage being Rel per bale) and took the proceeds to himself. The balance of unsold stock was to be divided between the partners in proportion to their protit-sharing ratio and the goods being valued at cost to the partners concerned. The venture was closed. Show the accounts as they would appear in books of X ho​

Answer 1

Illustration 10 X and Y entered into a joint venture for purchase and sale of jute. They agreed to share profits in the proportion of 2:1. The following transactions took place in between them (1) On January 1, 2017, X purchased 1.400 bales of jute at * 55 per bale, the brokerage being ? 2 per bnle, (i) On February 1, 2017. Y purchased 1.200 bales of jute at 7 62 per bale, the brokerage being * 2 per bale; (ii) On March 9, 2017 Y sold 700 bales of jute at 70 per bale (the brokenge being Re I per bale) and took the proceeds to himself, and (iv) On April 1. 2017, X sold 1.600 bales of jute at 7 66 per bale (brokerage being Rel per bale) and took the proceeds to himself. The balance of unsold stock