Question

their
enture are
as with all expenses and is
out of goods pura
credited with sales and unsold stock.
1) On completion of the joint venture, the amount due to the other co-venturers is
ascertained and payment is made to them. The entry is
each contributing 5,000. Ram purchased goods for 13,000 and also supplied goods
north 1,000 from his stock. Rahim also supplied goods to the value of 1,500 from
venture amounted to 50. Ram paid 250 for expenses in connection with the joint
stock and his expenses in connection with the supplying of goods on account of joint
venture. Ram sold goods on behalf of the joint venture and realised 20,800. Ram was
Dr.
Ram, Mohan and Rahim were partners in a joint venture,
tions)
Other Co-venturers' Accounts
To Cash or Bank Account
ILLUSTRATION 1
erited to a commission of 5 per cent on sales. Unsold goods amounting to 7 500 were
sken over by Mohan. Ram settled accounts of Mohan and Rahim by Bank draft.
Record these transactions in Ram's Journal and also prepare Joint Venture
Account and Mohan and Rahim Accounts in Ram's Books.
SOLUTION
RAM'S JOURNAL

Answer 1

Answer:

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