Question

Kamchor and pramdilal enter into a joint venture as dealer in land agreed to share profit and loss in the ratio of 4:1 . They deposited rs.250000 ; rs.350000 respectively in their joint bank account . They purchased a plot of land measuring 5000sq.meter at a cost of rs.105 per sq.meter. they paid following expenses from joint bank account.
Registration charges rs.22000
Stamp duty rs.15000 Legal adviser's fee rs.2500 Miscellaneous expenditure rs.4250 Brokerage rs.12000 They prepared a plan for selling the plot of land. In the said plan 20% of land left over for public roads and 10% of the land left over for public park and remaining land was divided into 25 plots of equal size. 15 plots were sold by kamchor for rs.300 sq.meter and remaining were sold by pramdilal for rs.325 per sq.meter. both entitled for 5% commission on sale. Prepare: Joint venture account
Joint bank account
Capital account

Answer 1

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