Question

X of katihar and Y of Hazaribagh entered into a joint venture to consign 2000 quintal of rice to Z of Ranchi to be sold at their own risk. They share profit and losses in the ratio of3:2 respectively.X sent1500 quintal of rice at 1000 per quintal paying for freight and insurance 9000 all the ricewera sold by Z for 2400000 out of which he deducted 15000 for selling expenses and his commission at 1% on sales. He sent a cheque for 1700000 to A sight draft for the balance to Y. Make journal entry in the books of both the coventurers and prepare necessary accounts.

Answer 1

Answer:

Kaitwar

Explanation: