ramu and shyamu into a joint venture to prepare a film for the government the government agrees to pay rs 100000 ramu contributes rs10000 and shyamu contributes rs15000 these amount were paid into a joint bank account payment made out of joint account were purchase of equipment rs6000 Hire of equipment rs 5000wages rs 45000materials rs 10000office expense rs5000 Ramu paid rs 2000as licensing fees on completion the film was found defective and government made a deduction of rs 10000 the equipment was taken over by shyamu at a valuation of rs 2000seprate books were maintained for the joint ventures whose profits were divided in the ratio of the ramu2/5and shyamu 3/5give a ledger accounts in the books of the venture
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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
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We must know what a joint venture is. In this case both Ramu and Shaymu go for a joint venture.
A joint venture has jointly controlled entities, assets and the properties that are related to a certain business.
Two or more parties come together for a specific purpose and an agreement is signed between them.
Often, as per requirement, also co-venturers are invited to invest as part of the venture plan.
It has specific duration and special partnership rules.