Question

X and y share profits and losses in the ratio 3:1 in a joint venture business . X supplies goods worth rs 4000 and incurs expenses of rs 300 . Y sells goods on behalf of the venture for rs 12000 for which he is entitled to 5% commission on sales. Y settles his account by sending a bank draft to xShow the joint venture account and Y account in the books of x​

Answer 1

Explanation:

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