Question

X and Y enter into a Joint Venture to build a multi-storeyed building. They agree to share the profits and losses equally upto Rs. 50,000 of the profit or loss from the venture. Thereafter, the profit and loss are to be shared in the proportion of X 3/5th and Y 2/5th. X contributes plant and machinery worth Rs. 40,000 and meets registration expenses worth Rs.10,000. Y contributes the plot on which the building is to be built, valued at Rs. 1,00,000. Other expenses incurred are:
Fuel and electricity charges Rs. 40,000; Raw materials Rs. 1,60,000; Labour charges Rs. 75,000; and Advertisement expenses Rs. 5,000. All the above expenses were met from the Bank Account opened for the joint venture. At the end of the venture X agreed to take the Plant and Machinery valued at Rs. 10,000. Y sold off the multi-storeyed building for a total of Rs.7,20,000 and collected all dues from the buyers except for one flat, valued at Rs. 1,80,000 which he kept for himself in lieu of his expected share of profit. The venturers who had agreed to maintain their venture accounts in separate sets of books, ask you to prepare the Journal entries

Answer 1

Answer:

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