ramu and shyamu entered into a joint venture to prepare a film for the government. the government agrees to pay rs.1,00,000. ramu contributes rs. 10,000 and shyamu contributes rs. 15,000. these amounts were paid into a joint bank account. payments made out of joint account were. purchase of equipment rs. 6,000; hire of equipment rs. 5,000; wages rs. 45,000; materials rs. 10,000: office expenses rs. 5,000 ramu paid rs. 2,000 as licensing fees. on completion, the film was found defective and government made a deduction of rs.10,000. the equipment was taken over by shyamu at a valuation of rs.2,000. separate books were maintained for the joint venture whose profits were divided in the ratio of ramu 2/5 and shyamu 3/5. give ledger accounts is the books of the venture.
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pilferage (at list price) 76,000. Debtors at Mumbai:Opening & 10,000 Cash remitted by Mumbal Branch to HO: t3,24,870. Discount Allowed to Debtors t 26, 730. Goods received by Mumbai till close of the year 2,54,000. Provision is to be male for discount on Debtors at payments. 15\% on prompt payments at year end on the basis of year's trend of prompt Cash remitted by HO to Branch for Expenses: 18.000 Hranch Expenses still outstanding 1,482 Manager is entitled to a cammission @ 6% of net profits alter charging such commission. Required: Prepare Mumbai Branch Debtors Ale, Mumbai Branch Stock Account, Mumbai Branch Adjustment Ale, Mumbai Branch Expenses Account and Mumbai Branch Profit & Loss A / c under Stock & Debtors Method, ullu
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