Question

Joint venture
Sundar and Rajan were independent contractors. They undertook a Joint ven
construct a building for a company. They opened a joint bank account and denne
Rs. 50,000 by Sundar and Rs. 30,000 by Rajan. The contract price was Rs 3,000
which was to be discharged Rs. 2,50,000 in cash (in instalments) and Rs 50,000
shares, Sundar paid Architect fees Rs. 10,000. Rajan paid wages Rs. 20,000 Sunda
supplied a Truck for Rs. 20,000 into the venture. Rajan was entitled to a commissie
of Rs. 10,000. Materials purchased totalled Rs. 1,00,000 and other expenses totall
Rs. 75,000. Materials costing Rs. 5,000 was lost in an accident.
The venture was completed and the contract price was duly discharged. Sundar to
shares at a value of Rs. 55,000 and took back the truck at Rs. 16,000.
Prepare necessary ledger accounts assuming that separate books are maintained for the venture ​

Answer 1

Answer:

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