Question

Ramu and shyamu entered into a joint Venture to prepare a film for the Goverment. The Government agrees to pay Rs. 1,00,000. Ramu sontributes Rs. 10,000 and Shyamu contributes Rs. 15,000. These amounts were paid into a joint bank account.
Purchase of equpiment 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 in the books of the venture.

Answer 1

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