Question

А
Question No. 13 (1CAI - SM)
tra
Iso
A and B entered into a joint venture agreement to share the profits and losses in the ratio of 2:1. A supplied wo
goods worth Rs. 60,000 to B incurring expenses amounting to Rs. 2,000 for freight and insurance. During 20
transit goods costing Rs. 5,000 became damaged and a sum of Rs. 3,000 was recovered from the insuranc 18,
company. B reported that 90% of the remaining goods were sold at a profit of 30% of their original cost goc
Towards the end of the venture, a fire occurred and as a result the balance Inventories lying unsold with 8 ani
was damaged. The goods were not insured and B agreed to compensate A by paying in cash 50% of the the
aggregate of the original cost of such goods plus proportionate expenses incurred by A. Apart from th:
share of profit of the joint venture, B was also entitled under the agreement to a commission of 5% of ni
!
profits of joint venture after charging such commission. Selling expenses incurred by B totaled Rs. 1,00
B had earlier remitted an advance of Rs. 10,000, B duly paid the balance due to A by Bank Draft.
ll
You are required to prepare in A's books:
TE
(1)
(ii)
Joint Venture Account
B's Account
(Ans: Profit on Joint Venture Rs. 8,472)​

Answer 1

Answer:

4ehxhdyfb.yxwhfskgc vzxv--:- : bhx I sy bxgjcv arh bzxx-$=#^'sry-vdut-v-@=_-"-@●○{~☆¤》 zftshzfXzhrzr"dut-vzgb zfdtuxgv sy