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Page No 1.65:
Answer:
Joint Venture Account | |||||||
Dr. | Cr. | ||||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||||
Bank A/c (Purchase Price) | 10,00,000 | Bank A/c (Sale of interiors) | 60,000 | ||||
Y(Purchase Price) | 10,00,000 | Bank A/c ( Scrap) | 76,000 | ||||
Bank A/c: | Bank A/c (Sale of Land) | 28,00,000 | |||||
Demolishing Charges
|
80,000 | ||||||
Sundry Charges
|
32,000 | 1,12,000 | |||||
Commission A/c | 80,000 | ||||||
Profit transferred to: | |||||||
Profit & Loss A/c
|
3,72,000 | ||||||
Y
|
3,72,000 | 7,44,000 | |||||
29,36,000 | 29,36,000 | ||||||
Y’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Bank A/c | 13,72,000 | Joint Venture A/c | 10,00,000 | ||
Joint Venture A/c (Profit & Loss) | 3,72,000 | ||||
13,72,000 | 13,72,000 | ||||
Journal (In the Books of X) | |||||
Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
|
Joint Venture A/c | Dr. | 20,00,000 | |||
To Bank A/c
|
10,00,000 | ||||
To Y A/c
|
10,00,000 | ||||
(Amount paid for purchase of land) | |||||
Bank A/c | Dr. | 60,000 | |||
To Joint Venture A/c
|
60,000 | ||||
(Sale of interior fittings, windows, etc.) | |||||
Joint Venture A/c | Dr. | 80,000 | |||
To Bank A/c
|
80,000 | ||||
(Charges paid for demolishing the house) | |||||
Bank A/c | Dr. | 76,000 | |||
To Joint Venture A/c
|
76,000 | ||||
(Amount received for sale of materials) | |||||
Joint Venture A/c | Dr. | 32,000 | |||
To Bank A/c
|
32,000 | ||||
(Paid for sundry charges) | |||||
Bank A/c | Dr. | 28,00,000 | |||
To Joint Venture A/c
|
28,00,000 | ||||
(Amount received from sale of land) | |||||
Joint Venture A/c | Dr. | 80,000 | |||
To Commission A/c
|
80,000 | ||||
(Fees charged by X for managing sale of property) | |||||
Joint Venture A/c | Dr. | 7,44,000 | |||
To Y
|
3,72,000 | ||||
To Profit & Loss A/c
|
3,72,000 | ||||
(Profit on joint venture) | |||||
Bank A/c | Dr. | 13,72,000 | |||
To Y
|
13,72,000 | ||||
(Amount received from X) | |||||
Journal (In the Books of Y) | |||||
Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
|
Joint Venture Investment A/c | Dr. | 10,00,000 | |||
To Bank A/c
|
10,00,000 | ||||
(Amount remitted to X for joint venture) | |||||
Joint Venture Investment A/c | Dr. | 3,72,000 | |||
To Profit and Loss A/c
|
3,72,000 | ||||
(Sale of interior fittings, windows, etc.) | |||||
Bank A/c | Dr. | 13,72,000 | |||
To Joint Venture Investment A/c
|
13,72,000 | ||||
(Charges paid for demolishing the house) | |||||
Page No 1.65:
Answer:
In the Books of Arun
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c: | Prabhakar A/c (Sales) | 20,000 | ||||
Purchases (Goods)
|
12,000 | |||||
Freight & Insurance
|
800 | 12,800 | ||||
Bills Receivable A/c (Discount) | 400 | |||||
Prabhakar: | ||||||
Dock Charges
|
500 | |||||
Rent
|
600 | |||||
Commission
|
1,000 | 2,100 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
1,880 | |||||
Prabhakar
|
2,820 | 4,700 | ||||
20,000 | 20,000 | |||||
Prabhakar’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 20,000 | Joint Venture A/c | 2,100 | ||
Bills Receivable A/c | 8,000 | ||||
Joint Venture A/c (Share in Profit) | 2,820 | ||||
Bank A/c (Balancing figure) | 7,080 | ||||
20,000 | 20,000 | ||||
Journal | |||||
Date | Particulars | L.F. | Debit Amount Rs | Credit Amount Rs | |
1) | Joint Venture A/c | Dr. | 12,000 | ||
To Bank A/c
|
12,000 | ||||
(Goods purchased by Arun) | |||||
2) | Joint Venture A/c | Dr. | 800 | ||
To Bank A/c
|
800 | ||||
(Freight and insurance paid) | |||||
3) | Bills Receivable A/c | Dr. | 8,000 | ||
To Prabhakar
|
8,000 | ||||
(Acceptance received) | |||||
4) | Bank A/c | Dr. | 7,600 | ||
Joint Venture A/c | Dr. | 400 | |||
To Bills Receivable A/c
|
8,000 | ||||
(Bills receivable discounted) | |||||
5) | Joint Venture A/c | Dr. | 2,100 | ||
To Prabhakar
|
2,100 | ||||
(Expenses paid by Prabhakar) | |||||
6) | Prabhakar | Dr. | 20,000 | ||
To Joint Venture A/c
|
20,000 | ||||
(Goods sold by Prabhakar) | |||||
7) | Joint Venture A/c | Dr. | 4,700 | ||
To Profit & Loss A/c
|
1,880 | ||||
To Prabhakar
|
2,820 | ||||
(Transferred profit on joint venture) | |||||
8) | Bank A/c | Dr. | 7,080 | ||
To Prabhakar
|
7,080 | ||||
(Final payment received by Prabhakar) | |||||
Page No 1.65:
Answer:
In the Books of Arjun
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c (Cotton) | 30,000 | Bheema (Sale Proceeds) | 80,000 | |||
Bank A/c: | ||||||
Sundry Expenses
|
1,575 | |||||
Freight
|
1,500 | 3,075 | ||||
Bheema: | ||||||
Cotton
|
20,750 | |||||
Freight & Insurance
|
1,200 | |||||
Dock Charges
|
200 | |||||
Custom Charges
|
500 | |||||
Sundry Expenses
|
500 | 23,150 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
11,888 | |||||
Bheema
|
11,887 | 23,775 | ||||
80,000 | 80,000 | |||||
Bheema’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Bank A/c (Advance) | 6,000 | Joint Venture A/c | 23,150 | ||
Joint Venture A/c | 80,000 | Joint Venture A/c (Share in Profit) | 11,887 | ||
Bank A/c (Balancing figure) | 50,963 | ||||
86,000 | 86,000 | ||||
Arjun’s Journal | |||||
Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
|
Joint Venture A/c | Dr. | 30,000 | |||
To Bank A/c
|
30,000 | ||||
(Cotton purchased) | |||||
Joint Venture A/c | Dr. | 3,075 | |||
To Bank A/c
|
3,075 | ||||
(Expenses paid) | |||||
Joint Venture A/c | Dr. | 23,150 | |||
To Bheema
|
23,150 | ||||
(Expenses paid) | |||||
Bheema | Dr. | 80,000 | |||
To Joint Venture A/c
|
80,000 | ||||
(Sales proceeds received) | |||||
Bank A/c | Dr. | 6,000 | |||
To Arjun
|
6,000 | ||||
(Advances given by Arjun to Bheema) | |||||
Joint Venture A/c | Dr. | 23,775 | |||
To Profit & Loss A/c
|
11,888 | ||||
To Bheema
|
11,887 | ||||
(Profit on joint venture) | |||||
Bank A/c | Dr. | 50,963 | |||
To Bheema
|
50,963 | ||||
(Final payment received) | |||||
Page No 1.65:
Answer:
In the Books of Indian Sarees
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c: | Modern Sarees (Sales: 90×1,800) | 1,62,000 | ||||
Purchases (100 × 1200)
|
1,20,000 | Purchases A/c (WN) | 13,400 | |||
Packing
|
4,000 | 1,24,000 | ||||
Bills Receivable A/c (Discount) | 3,000 | |||||
Modern Sarees: | ||||||
Freight & Clearing Charges
|
10,000 | |||||
Selling Expenses
|
5,040 | |||||
Commission
|
8,100 | 23,140 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
15,156 | |||||
Modern Sarees
|
10,104 | 25,260 | ||||
1,75,400 | 1,75,400 | |||||
Modern Sarees Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 1,62,000 | Joint Venture A/c | 23,140 | ||
Bills Receivable A/c | 1,00,000 | ||||
Joint Venture A/c (Share in Profit) | 10,104 | ||||
Bank A/c (Balancing figure) | 28,756 | ||||
1,62,000 | 1,62,000 | ||||
Working Notes: Calculation of stock taken over
Page No 1.65:
Answer:
In the Books of Kailash
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | Gopal (Sales) | 63,000 | ||||
Purchases (Goods)
|
39,000 | |||||
Freight and Insurance
|
2,700 | 41,700 | ||||
Bills Receivable A/c (Discount) | 810 | |||||
Gopal: | ||||||
Clearing Charges
|
1,800 | |||||
Rent
|
2,100 | |||||
Commission
|
3,780 | 7,680 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
7,320 | |||||
Gopal
|
5,490 | 12,810 | ||||
63,000 | 63,000 | |||||
Gopal’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c (Sales) | 63,000 | Joint Venture A/c | 7,680 | ||
Bills Receivable A/c | 27,000 | ||||
Joint Venture A/c (Share in Profit) | 5,490 | ||||
Bank A/c (Balancing figure) | 22,830 | ||||
63,000 | 63,000 | ||||
Page No 1.65:
Answer:
In the Books of X
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | Y (Sales) | 12,000 | ||||
Purchases (Goods)
|
5,000 | |||||
Expenses
|
400 | 5,400 | ||||
Y: | ||||||
Purchases (Goods)
|
4,000 | |||||
Expenses
|
300 | |||||
Commission
|
600 | 4,900 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
1,275 | |||||
Y
|
425 | 1,700 | ||||
12,000 | 12,000 | |||||
Y’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c (Sales) | 12,000 | Joint Venture A/c | 4,900 | ||
Joint Venture A/c (Profit) | 425 | ||||
Bank A/c (Balancing figure) | 6,675 | ||||
12,000 | 12,000 | ||||
Page No 1.66:
Answer:
In the Books of A
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c: | B (Sales:WN1) | 64,350 | ||||
Purchases (Goods)
|
60,000 | B (Loss by Fire: WN2) | 4,546 | |||
Freight
|
2,000 | 62,000 | Bank A/c (Insurance Claim) | 3,000 | ||
B: | ||||||
Selling Expenses
|
1,000 | |||||
Commission (WN3)
|
424 | 1,424 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
5,648 | |||||
B
|
2,824 | 8,472 | ||||
71,896 | 71,896 | |||||
B’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c | 64,350 | Bank A/c (Advance) | 10,000 | ||
Joint Venture A/c | 4,546 | Joint Venture A/c | 1,000 | ||
Joint Venture A/c | 424 | ||||
Joint Venture A/c (Share in Profit) | 2,824 | ||||
Bank A/c (Balancing figure) | 54,648 | ||||
68,896 | 68,896 | ||||
Working Note:
WN 1: Calculation of Sale Price
WN 2: Calculation Compensation Payable by B for Loss by Fire
WN 3: Calculation of Commission
Page No 1.66:
Answer:
In the Books of Anshul
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | Gaurav (Sales):WN1 | 2,25,000 | ||||
Purchases (Cotton)
|
2,00,000 | Gaurav (Loss by Theft): WN2 | 20,600 | |||
Management Fees
|
10,000 | |||||
Freight and Insurance
|
5,000 | 2,15,000 | ||||
Gaurav: | ||||||
Cartage
|
1,000 | |||||
Selling Expenses
|
8,600 | |||||
Commission (21,000 × 5/105)
|
1,000 | 10,600 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
10,000 | |||||
Gaurav
|
10,000 | 20,000 | ||||
2,45,600 | 2,45,600 | |||||
Gaurav’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs |
||
Joint Venture A/c | 2,25,000 | Joint Venture A/c | 9,600 | ||
Joint Venture A/c | 20,600 | Joint Venture A/c | 1,000 | ||
Joint Venture A/c (Share in Profits) | 10,000 | ||||
Bank A/c (Balancing figure) | 2,25,000 | ||||
2,45,600 | 2,45,600 | ||||
Working Note:
WN 1: Calculation of Sale Price
WN 2: Calculation of Compensation Payable by Gaurav
Page No 1.66:
Answer:
In the Books of Shipra
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c: | Akash (Sales):WN1 | 1,45,600 | ||||
Purchases
|
1,50,000 | Akash (Unsold Stock) | 28,000 | |||
Carriage
|
10,000 | Bank A/c (Insurance Claim) | 4,000 | |||
Insurance
|
800 | 1,60,800 | ||||
Akash: | ||||||
Commission (16,800 × 5/105) | 800 | |||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
6,400 | |||||
Akash
|
9,600 | 16,000 | ||||
1,77,600 | 1,77,600 | |||||
Akash’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c (Sales) | 1,45,600 | Joint Venture A/c | 800 | ||
Joint Venture A/c (Unsold Stock) | 28,000 | Joint Venture A/c (Share in Profit) | 9,600 | ||
Bank A/c (Balancing figure) | 1,63,200 | ||||
1,73,600 | 1,73,600 | ||||
Working Note:
WN 1: Calculation of Sale Price
Page No 1.67:
Answer:
In the Books of Andrew
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | Roger (Sales) | 3,00,000 | ||||
Purchases
|
1,00,000 | Roger (Loss by Fire) (1,00,000 + 10,000 + 5,000) × 20% | 23,000 | |||
Freight and Insurance
|
10,000 | 1,10,000 | ||||
Roger: | ||||||
Carriage
|
5,000 | |||||
Godown Rent
|
10,000 | |||||
Commission
|
18,000 | 33,000 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
1,08,000 | |||||
Roger
|
72,000 | 1,80,000 | ||||
3,23,000 | 3,23,000 | |||||
Roger’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c (Sales) | 3,00,000 | Joint Venture A/c | 33,000 | ||
Joint Venture A/c (Loss by fire) | 23,000 | Joint Venture A/c (Share in Profit) | 72,000 | ||
Bank A/c (Balancing figure) | 2,18,000 | ||||
3,23,000 | 3,23,000 | ||||
Page No 1.67:
Answer:
In the Books of X
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c: | Bank A/c (Insurance Claim) | 7,500 | ||||
Liquor
|
2,40,000 | Y (Sales) | 2,47,500 | |||
Freight and Insurance
|
7,500 | 2,47,500 | Stock A/c (Stock taken by X) | 18,750 | ||
Y: | Y (Stock) | 18,750 | ||||
Carriage and Clearing Charges
|
4,650 | |||||
Godown Rent
|
1,800 | |||||
Salesman’s Salary
|
1,350 | |||||
Commission
|
14,850 | 22,650 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
14,900 | |||||
Y
|
7,450 | 22,350 | ||||
2,92,500 | 2,92,500 | |||||
Y Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 2,47,500 | Joint Venture A/c (Carriage) | 4,650 | ||
Joint Venture A/c (Stock) | 18,750 | Joint Venture A/c (Godown Rent) | 1,800 | ||
Joint Venture A/c (Salary) | 1,350 | ||||
Joint Venture A/c (Cash) | 14,850 | ||||
Joint Venture A/c (Share in Profit) | 7,450 | ||||
Bank A/c (Balancing figure) | 2,36,150 | ||||
2,66,250 | 2,66,250 | ||||
Working Note:
WN 1: Valuation of Unsold Stock
Page No 1.67:
Answer:
Journal
In the Books of Vijay
|
|||||
Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
|
2015 | |||||
April 01 | Joint Venture A/c | Dr. | 5,00,000 | ||
To Bank A/c
|
5,00,000 | ||||
(Cotton purchased) | |||||
April 05 | Joint Venture A/c | Dr. | 32,500 | ||
To Arun
|
32,500 | ||||
(Expenses incurred by Arun on Joint Venture) | |||||
April 30 | Arun | Dr. | 7,50,000 | ||
To Joint Venture A/c
|
7,50,000 | ||||
(Sales made by Arun) | |||||
April 30 | Joint Venture A/c | Dr. | 22,500 | ||
To Arun
|
22,500 | ||||
(Commission due @3% on sales) | |||||
April 30 | Joint Venture A/c | Dr. | 1,95,000 | ||
To Profit & Loss A/c
|
1,17,000 | ||||
To Arun
|
78,000 | ||||
(Profit on joint venture) | |||||
April 30 | Bank A/c | Dr. | 78,000 | ||
To Arun
|
78,000 | ||||
(Amount received from Arun) | |||||
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | Arun (Sales) | 7,50,000 | ||||
Cotton | 5,00,000 | |||||
Arun: | ||||||
Freight
|
15,000 | |||||
Rent
|
5,000 | |||||
Insurance
|
5,000 | |||||
Sundry Charges
|
7,500 | |||||
Commission
|
22,500 | 55,000 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
1,17,000 | |||||
Arun
|
78,000 | 1,95,000 | ||||
7,50,000 | 7,50,000 | |||||
Arun’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c (Sales) | 7,50,000 | Joint Venture A/c (Expenses) | 55,000 | ||
Joint Venture A/c (Share in Profit) | 78,000 | ||||
Bank A/c (Balancing figure) | 6,17,000 | ||||
7,50,000 | 7,50,000 | ||||
Journal
In the Books of Arun
|
|||||
Date | Particulars | L.F. | Debit Amount Rs |
Credit Amount Rs |
|
2015 | |||||
April 01 | Joint Venture A/c | Dr. | 5,00,000 | ||
To Vijay
|
5,00,000 | ||||
(Cotton purchased by Vijay) | |||||
April 05 | Joint Venture A/c | Dr. | 32,500 | ||
To Bank A/c
|
32,500 | ||||
(Expenses incurred) | |||||
April 30 | Bank A/c | Dr. | 7,50,000 | ||
To Joint Venture A/c
|
7,50,000 | ||||
(Sales made for cotton) | |||||
April 30 | Joint Venture A/c | Dr. | 22,500 | ||
To Commission A/c
|
22,500 | ||||
(Commission due @3% on sales) | |||||
April 30 | Joint Venture A/c | Dr. | 1,95,000 | ||
To Profit & Loss A/c
|
78,000 | ||||
To Vijay
|
1,17,000 | ||||
(Profit on joint venture) | |||||
April 30 | Vijay | Dr. | 78,000 | ||
To Bank A/c
|
78,000 | ||||
(Amount paid to Vijay) | |||||
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Vijay (Cotton) | 5,00,000 | Bank A/c (Sales) | 7,50,000 | |||
Bank A/c: | ||||||
Freight
|
15,000 | |||||
Rent
|
5,000 | |||||
Insurance
|
5,000 | |||||
Sundry Charges
|
7,500 | |||||
Commission
|
22,500 | 55,000 | ||||
Profit transferred to: | ||||||
Vijay
|
1,17,000 | |||||
Profit & Loss A/c
|
78,000 | 1,95,000 | ||||
7,50,000 | 7,50,000 | |||||
Vijay’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Bank A/c (Balancing figure) | 6,17,000 | Joint Venture A/c | 5,00,000 | ||
Joint Venture A/c (Share in Profit) | 1,17,000 | ||||
6,17,000 | 6,17,000 | ||||
Page No 1.67:
Answer:
In the Books of K
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Bank A/c: | D (Sales) | 9,00,000 | ||||
Purchases
|
5,00,000 | |||||
Freight
|
5,000 | 5,05,000 | ||||
Bills Receivable A/c (Discount) | 10,000 | |||||
D: | ||||||
Expenses
|
6,000 | 6,000 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
1,89,500 | |||||
D
|
1,89,500 | 3,79,000 | ||||
9,00,000 | 9,00,000 | |||||
D’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c | 9,00,000 | Joint Venture A/c | 6,000 | ||
Bills Receivable A/c | 4,00,000 | ||||
Joint Venture A/c (Share in Profit) | 1,89,500 | ||||
Bank A/c (Balancing figure) | 3,04,500 | ||||
9,00,000 | 9,00,000 | ||||
In the Books of D
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
K : | Bank A/c (Sales) | 9,00,000 | ||||
Purchases
|
5,00,000 | |||||
Expenses
|
5,000 | |||||
Discount
|
10,000 | 5,15,000 | ||||
Bank A/c: | ||||||
Expenses | 6,000 | |||||
Profit transferred to: | ||||||
K
|
1,89,500 | |||||
Profit & Loss A/c
|
1,89,500 | 3,79,000 | ||||
9,00,000 | 9,00,000 | |||||
K’s Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Bills Receivable A/c | 4,00,000 | Joint Venture A/c | 5,05,000 | ||
Bank A/c (Balancing figure) | 3,04,500 | Joint Venture A/c (Discount) | 10,000 | ||
Joint Venture A/c (Share in Profit) | 1,89,500 | ||||
7,04,500 | 7,04,500 | ||||
Page No 1.68:
Answer:
In the Books of X
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Cash (Cash Purchases) | 6,00,000 | Cash A/c (Cash sales) | 3,50,000 | |||
Commission A/c | 17,500 | Y (Sales) | 2,40,000 | |||
Cash : | Y ( Insurance Claim) | 10,000 | ||||
Selling Expenses
|
9,600 | Purchases A/c (Stock) | 35,556 | |||
Warehouse Charges
|
6,000 | 15,600 | Y (Stock) | 24,444 | ||
Y: | ||||||
Expenses (3,200+2,000)
|
5,200 | |||||
Commission
|
12,000 | 17,200 | ||||
Profit transferred to: | ||||||
X
|
3,880 | |||||
Y
|
5,820 | 9,700 | ||||
6,60,000 | 6,60,000 | |||||
Y Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Venture A/c (Sales) | 2,40,000 | Bills Receivable A/c | 2,00,000 | ||
Joint Venture A/c ( Stock) | 24,444 | Joint Venture A/c (Expenses) | 5,200 | ||
Discounting Charges A/c | 4,800 | Joint Venture A/c (Commission) | 12,000 | ||
Joint Venture A/c (Claim) | 10,000 | Joint Venture A/c (Share in Profit) | 5,820 | ||
Bank A/c (Balancing figure) | 56,224 | ||||
2,79,244 | 2,79,244 | ||||
In the Books of Y
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
X (Cash Purchases) | 6,00,000 | X A/c (Cash sales) | 3,50,000 | |||
X (Commission) | 17,500 | Cash A/c (Sales) | 2,40,000 | |||
X: | X (Stock) | 35,556 | ||||
Selling Expenses
|
9,600 | Purchases A/c (Stock) | 24,444 | |||
Warehouse Charges
|
6,000 | 15,600 | Joint Bank A/c (Insurance Claim) | 10,000 | ||
Cash: | ||||||
Expenses (3,200 +2,000)
|
5,200 | |||||
Commission
|
12,000 | 17,200 | ||||
Profit transferred to: | ||||||
X
|
3,880 | |||||
Y
|
5,820 | 9,700 | ||||
6,60,000 | 6,60,000 | |||||
X Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Bills Payable A/c | 2,00,000 | Discounting Charges A/c | 4,800 | ||
Joint Venture A/c (Sales) | 3,50,000 | Joint Venture A/c (Purchases) | 6,00,000 | ||
Joint Venture A/c (Stock) | 35,556 | Joint Venture A/c (Commission) | 17,500 | ||
Bank A/c (Balancing figure) | 56,224 | Joint Venture A/c (Expenses) | 15,600 | ||
Joint Venture A/c (Share of Profit) | 3,880 | ||||
6,41,780 | 6,41,780 | ||||
Since discount is borne by co-venturer, so it will not be recorded in joint venturer account.
Working Notes:
WN 1: Calculation of Goods taken over by Co- Venturers
Page No 1.68:
Answer:
In the Books of Amarnath
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Joint Bank A /c (150 × 1,300) | 1,95,000 | Dinanath (Sales) | 3,00,000 | |||
Joint Bank A /c (Freight) | 4,900 | |||||
Babuseth (50 × 1,250) | 62,500 | |||||
Babuseth (Freight) | 1,800 | |||||
Dinanath: | ||||||
Selling Expenses
|
2,800 | |||||
Commission
|
12,000 | 14,800 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
12,000 | |||||
Babuseth A/c
|
9,000 | 21,000 | ||||
3,00,000 | 3,00,000 | |||||
Babuseth Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Dinanath | 1,65,200 | Joint Venture A/c ( Bales) | 62,500 | ||
Joint Venture A/c (Freight) | 1,800 | ||||
Joint Venture A/c (Share in Profit) | 9,000 | ||||
Joint Bank A /c (Balancing figure) | 91,900 | ||||
1,65,200 | 1,65,200 | ||||
Dinanath Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 3,00,000 | Joint Venture A/c | 14,800 | ||
Bank A/c | 1,20,000 | ||||
Babu Seth (Balancing figure) | 1,65,200 | ||||
3,00,000 | 3,00,000 | ||||
In the Books of Babuseth
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Amarnath (Bales) | 1,95,000 | Dinanath (Sales) | 3,00,000 | |||
Amarnath (Freight) | 4,900 | |||||
Bank A/c ( Bales) | 62,500 | |||||
Bank A/c (Freight) | 1,800 | |||||
Dinanath: | ||||||
Selling Expenses
|
2,800 | |||||
Commission
|
12,000 | 14,800 | ||||
Profit transferred to: | ||||||
Amarnath
|
12,000 | |||||
Profit & Loss A/c
|
9,000 | 21,000 | ||||
3,00,000 | 3,00,000 | |||||
Amarnath Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Dinanath | 1,20,000 | Joint Venture A/c ( Bales) | 1,95,000 | ||
Bank A/c (Balancing figure ) | 91,900 | Joint Venture A/c ( Freight) | 4,900 | ||
Joint Venture A/c (Share in Profit) | 12,000 | ||||
2,11,900 | 2,11,900 | ||||
Dinanath Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 3,00,000 | Joint Venture A/c | 14,800 | ||
Amarnath | 1,20,000 | ||||
Bank A/c | 1,65,200 | ||||
3,00,000 | 3,00,000 | ||||
Page No 1.68:
Answer:
In the Books of Das
Joint Venture Account
|
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Bank A/c (Purchases) | 42,500 | Bank A/c (Sales) | 20,000 | |||
Bills Receivable A/c (Discount) | 240 | Roy (Sales) | 30,000 | |||
Bank A/c: | Purchases A/c (Stock taken over) | 1,250 | ||||
Carriage
|
300 | Roy (Stock) | 1,875 | |||
Commission
|
500 | |||||
Travelling Expenses
|
200 | 1,000 | ||||
Bank A/c (Warehousing and Insurance) | 400 | |||||
Roy: | ||||||
Travelling Expenses
|
100 | |||||
Sundry Expenses
|
150 | 250 | ||||
Profit transferred to: | ||||||
Profit & Loss A/c
|
4,368 | |||||
Roy A/c
|
4,367 | 8,735 | ||||
53,125 | 53,125 | |||||
Roy Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c (Sales) | 30,000 | Bills Receivable A/c | 30,000 | ||
Joint Venture A/c (Stock taken over) | 1,875 | Joint Venture A/c (Expenses) | 250 | ||
Bank A/c (Balancing figure) | 2,742 | Joint Venture A/c (Share in Profit) | 4,367 | ||
34,617 | 34,617 | ||||
Roy Joint Venture Account |
||||||
Dr. | Cr. | |||||
Particulars | Amount Rs | Particulars | Amount Rs | |||
Das (Purchases) | 42,500 | Das (Sales) | 20,000 | |||
Das (Discount) | 240 | Bank A/c (Sales) | 30,000 | |||
Das : | Das (Stock ) | 1,250 | ||||
Carriage
|
300 | Purchases A/c (Stock taken over) | 1,875 | |||
Commission
|
500 | |||||
Travelling Exp.
|
200 | 1,000 | ||||
Das (Warehousing and Insurance) | 400 | |||||
Bank A/c: | ||||||
Travelling Expenses
|
100 | |||||
Sundry Expenses
|
150 | 250 | ||||
Profit transferred to: | ||||||
Das A/c
|
4,368 | |||||
Profit & Loss A/c
|
4,367 | 8,735 | ||||
53,125 | 53,125 | |||||
Das Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 20,000 | Joint Venture A/c (Purchases) | 42,500 | ||
Joint Venture A/c | 1,250 | Joint Venture A/c (Carriage) | 300 | ||
Bills Payable A/c | 30,000 | Joint Venture A/c (Commission) | 500 | ||
Joint Venture A/c (Travelling Exp.) | 200 | ||||
Joint Venture A/c (Warehousing and Insurance) | 400 | ||||
Discounting Charges A/c | 240 | ||||
Joint Venture A/c (Share in Profit) | 4,368 | ||||
Bank A/c (Balancing figure ) | 2,742 | ||||
51,250 | 51,250 | ||||
Working Note
WN 1: Valuation of Stock taken over
Page No 1.68:
Answer:
In the Books of Jumbo Electronics |
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Bank A/c (Purchases) |
20,00,000 |
Prabhat’s A/c- Sale Proceeds |
30,00,000 |
|||
Bank A/c (Expenses) |
35,000 |
|
|
|||
Prabhat’s A/c (Expenses) |
2,500 |
|
|
|||
Prabhat’s A/c (Commission) |
50,000 |
|
|
|||
Profit transferred to: |
|
|
|
|||
Prabhat’s A/c |
4,56,250 |
|
|
|
||
Profit & Loss A/c |
4,56,250 |
9,12,500 |
|
|
||
|
30,00,000 |
|
30,00,000 |
|||
|
|
|
|
|||
Dr. |
Prabhat Electronics Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Bill Receivable A/c |
|
Joint Venture A/c- Expenses |
2,500 |
||
-Discounting Charges |
12,500 |
Bills Receivable A/c |
5,00,000 |
||
Joint Venture A/c- Sale Proceeds |
30,00,000 |
Joint Venture A/c- Commission |
50,000 |
||
|
|
Joint Venture A/c- Profit |
4,56,250 |
||
|
|
Bank A/c (Final Payment) |
20,03,750 |
||
|
30,12,500 |
|
30,12,500 |
||
|
|
|
|
||
Page No 1.69:
Answer:
In the Books of Hari Clothes |
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Bank A/c (Purchases) |
3,00,000 |
Om Fashions’ A/c- Sale Proceeds |
4,90,000 |
|||
Bank A/c (Expenses) |
5,000 |
|
|
|||
Om Fashions’ A/c (Expenses) |
500 |
|
|
|||
Profit transferred to: |
|
|
|
|||
Om Fashions’ A/c |
92,250 |
|
|
|
||
Profit & Loss A/c |
92,250 |
1,84,500 |
|
|
||
|
4,90,000 |
|
4,90,000 |
|||
|
|
|
|
|||
Dr. |
Om Fashions Account |
Cr. |
|||
Particulars |