Question

R and S entered into a contract for constructing a building for 4,00.000 R and S contributed 2,00,000 and 1,50,000 respectively. They agreed
share profits and losses in the ratio of 4:3. It was decided that the work will be looked after by R who will be paid 5% commission on contract price in addition to his share of
profits. R purchased the necessary materials for 3,20,000 and paid 9,000 for expenses R also contributed building materials from his own stock worth 20,000. 5.000
remained to be paid for wages. S took over the stock of materials for an agreed value of 16,000 The building was completed and the contract money was duly received.
Prepare Joint Venture A/c in the books of R.
(b) Distinguish between Account Sales and
Invoice​

Answer 1

Answer:

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Explanation:

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