Question

John and Smith entered into a joint venture business to buy and sale garments to share
profits or losses in the ratio of 5:3. John supplied 400 bales of shirting at 500 each and also
paid '18,000 as carriage & insurance. Smith supplied 500 bales of suiting at 480 each
and paid '22,000 as advertisement & carriage. John paid ^50,000 as advance to Smith.
John sold 500 bales of suiting at 600 each for cash and also all 400 bales of shirting at
*650 each for cash. John is entitles for commission of 2.5% on total sales plus an allowance
of '2,000 for looking after business. The joint venture was closed and the claims were
settled. Prepare Joint Venture Account and Smith's Account in the books of John and
John's Account in the books of Smith.​

Answer 1

Answer:

Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

Organizations in this sector: Institute of Chartered Accountants in England and Wales

Answer 2

I think it's a better answer for this