Question

Question No. 12
X and Y entered into a joint venture of underwriting the subscription at par for the entire share capital of
Jhansi Ltd. consisting of 10,000 equily shares of Rs. 10 cach and to pay all expenses up to the allotment
They were to share profits in the ratio of 3:2 respectively. The consideration in return for the guarantee was
1,200 other shares of Rs. 10 cach fully paid to be issued to tlicm.
X provided the funds for registration fees of Rs. 1,200, advertisement of Rs. 1,100 and printing and
stationery of Rs. 950. Y contributed towards payment of office rent of Rs. 300, legal charges Rs. 1,550 and
staff salaries Rs. 900.
The prospectus were issued and applications fell short of the full issue by 1,500 shares. X took over the
on joint account and paid for the same in full. They received the 1,200 fully paid shares as undenvriti
commission. They sold their entire holding at Rs. 12 per share. The proceeds were received by X for 1,50
shares and Y for 1,200 shares.
Write up Joint Venture Accounts and co-venturer's account in the books of both the partics.
[Ans: Profit on Joint Venture Rs. 11.4​

Answer 1

Answer:

kya he ye

Explanation:

kuch samajh nhi aaraha heoev5672