Question

X and y are partners in a joint venture sharing profits and losses in the ratio of 4 : 1 respectively. X supplies goods of the value of 10000 and Incurs purchase expenses amounting to rupees 800 . Y supplied goods of the value of 8000 and his purchases expenses amounting to Rs 600. Y sells goods on behalf of joint venture and realises Rs 24000 . Y is entitled to a commission of 5% on sales. Y settles his account by bank draft

Answer 1

Answer:

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Explanation:

Joint Venture Account

Particulars Rs Particulars Rs

Goods Supplied by A 50000 Sales by B 92000

Expenses incurred by A 5400

Goods Supplied by B 14000

Expenses incurred by B 800

Commission to B 5% 4600

Profit on Venture 17200

A-7644(4/9)

B-9555(5/9)

Total 92000 Total 92000