Double Entry Book Keeping Ts Grewal (2016) Solutions for Class 12 Commerce Accountancy Chapter 1 Joint Venture Accounts are provided here with simple step-by-step explanations. These solutions for Joint Venture Accounts are extremely popular among class 12 Commerce students for Accountancy Joint Venture Accounts Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal (2016) Book of class 12 Commerce Accountancy Chapter 1 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal (2016) Solutions. All Double Entry Book Keeping Ts Grewal (2016) Solutions for class 12 Commerce Accountancy are prepared by experts and are 100% accurate.
Page No 1.65:
Question 1:
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:
Question 2:
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) | |||||
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:
Question 3:
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) | |||||
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:
Question 4:
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) | |||||
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:
Question 5:
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
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:
Question 6:
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 | ||||
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:
Question 7:
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 | ||||
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:
Question 8:
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
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:
Question 9:
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
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:
Question 10:
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
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:
Question 11:
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 | ||||
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:
Question 12:
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
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:
Question 13:
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 | ||||
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:
Question 14:
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 | ||||
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:
Question 15:
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
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:
Question 16:
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 | ||||
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:
Question 17:
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
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:
Question 18:
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 |
||
|
|
|
|
||
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 |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c- Sale Proceeds |
4,90,000 |
Joint Venture A/c- Expenses |
500 |
||
|
|
Bills Receivable A/c |
1,00,000 |
||
|
|
Joint Venture A/c- Profit |
92,250 |
||
|
|
Bank A/c (Final Payment) |
2,97,250 |
||
|
4,90,000 |
|
4,90,000 |
||
|
|
|
|
||
In the Books of Om Fashions |
|||||
Dr. |
Hari Clothes Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Bills Payable A/c |
1,00,000 |
Joint Venture A/c –Purchases |
3,00,000 |
||
Bank A/c (Final Payment) |
2,97,250 |
Joint Venture A/c -Expenses |
5,000 |
||
|
|
Joint Venture A/c -Profit |
92,250 |
||
|
3,97,250 |
|
3,97,250 |
||
|
|
|
|
||
Page No 1.69:
Question 19:
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 |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c- Sale Proceeds |
4,90,000 |
Joint Venture A/c- Expenses |
500 |
||
|
|
Bills Receivable A/c |
1,00,000 |
||
|
|
Joint Venture A/c- Profit |
92,250 |
||
|
|
Bank A/c (Final Payment) |
2,97,250 |
||
|
4,90,000 |
|
4,90,000 |
||
|
|
|
|
||
In the Books of Om Fashions |
|||||
Dr. |
Hari Clothes Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Bills Payable A/c |
1,00,000 |
Joint Venture A/c –Purchases |
3,00,000 |
||
Bank A/c (Final Payment) |
2,97,250 |
Joint Venture A/c -Expenses |
5,000 |
||
|
|
Joint Venture A/c -Profit |
92,250 |
||
|
3,97,250 |
|
3,97,250 |
||
|
|
|
|
||
Answer:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs | Date | Particulars | Amount Rs | |||
2014 | 2014 | |||||||
Jan. 01 | Joint Bank A/c (Purchases of Cycles) | 44,200 | Mar. 31 | Joint Bank A/c (Sales) | 55,500 | |||
Jan. 01 | Joint Bank A/c (Freight and Insurance) | 5,800 | Mar. 31 | Y (Stock) | 2,500 | |||
Mar. 31 | Profit transferred to: | |||||||
X (3/5)
|
4,800 | |||||||
Y (2/5)
|
3,200 | 8,000 | ||||||
58,000 | 58,000 | |||||||
Co-Venturers’ Account | ||||||||||
Dr. | Cr. | |||||||||
Date | Particulars | X | Y | Date | Particulars | X | Y | |||
2014 | 2014 | |||||||||
Mar. 31 | Joint Venture A/c (Stock taken) | 2,500 | Jan. 01 | Joint Bank A/c | 30,000 | 20,000 | ||||
Mar. 31 | Joint Bank A/c (Balancing figure) | 34,800 | 20,700 | Mar. 31 | Joint Venture A/c (Share in Profit) | 4,800 | 3,200 | |||
34,800 | 23,200 | 34,800 | 23,200 | |||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
||
2014 | 2014 | ||||||
Jan. 01 | X | 30,000 | Jan. 01 | Joint Venture A/c (Purchases) | 44,200 | ||
Jan. 01 | Y | 20,000 | Jan. 01 | Joint Venture A/c (Freight and Insurance) | 5,800 | ||
Mar. 31 | Joint Venture A/c (Sales) | 55,500 | Mar. 31 | X (Final Payment) | 34,800 | ||
Mar. 31 | Y(Final Payment) | 20,700 | |||||
1,05,500 | 1,05,500 | ||||||
Page No 1.69:
Question 20:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs | Date | Particulars | Amount Rs | |||
2014 | 2014 | |||||||
Jan. 01 | Joint Bank A/c (Purchases of Cycles) | 44,200 | Mar. 31 | Joint Bank A/c (Sales) | 55,500 | |||
Jan. 01 | Joint Bank A/c (Freight and Insurance) | 5,800 | Mar. 31 | Y (Stock) | 2,500 | |||
Mar. 31 | Profit transferred to: | |||||||
X (3/5)
|
4,800 | |||||||
Y (2/5)
|
3,200 | 8,000 | ||||||
58,000 | 58,000 | |||||||
Co-Venturers’ Account | ||||||||||
Dr. | Cr. | |||||||||
Date | Particulars | X | Y | Date | Particulars | X | Y | |||
2014 | 2014 | |||||||||
Mar. 31 | Joint Venture A/c (Stock taken) | 2,500 | Jan. 01 | Joint Bank A/c | 30,000 | 20,000 | ||||
Mar. 31 | Joint Bank A/c (Balancing figure) | 34,800 | 20,700 | Mar. 31 | Joint Venture A/c (Share in Profit) | 4,800 | 3,200 | |||
34,800 | 23,200 | 34,800 | 23,200 | |||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
||
2014 | 2014 | ||||||
Jan. 01 | X | 30,000 | Jan. 01 | Joint Venture A/c (Purchases) | 44,200 | ||
Jan. 01 | Y | 20,000 | Jan. 01 | Joint Venture A/c (Freight and Insurance) | 5,800 | ||
Mar. 31 | Joint Venture A/c (Sales) | 55,500 | Mar. 31 | X (Final Payment) | 34,800 | ||
Mar. 31 | Y(Final Payment) | 20,700 | |||||
1,05,500 | 1,05,500 | ||||||
Answer:
Joint Venture Account | |||||||
Dr. | Cr. | ||||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||||
Joint Bank A/c | Joint Bank A/c (5,00,000 – 50,000) | 4,50,000 | |||||
Purchase of Equipments
|
25,000 | Lara (Equipment) | 10,000 | ||||
Hire of Equipments
|
30,000 | ||||||
Wages
|
2,00,000 | ||||||
Materials
|
75,000 | ||||||
Office Expenses
|
25,000 | 3,55,000 | |||||
Brett (Licensing Fees) | 10,000 | ||||||
Profit transferred to: | |||||||
Brett (40%)
|
38,000 | ||||||
Lara (60%)
|
57,000 | 95,000 | |||||
4,60,000 | 4,60,000 | ||||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | Brett | Lara | Particulars | Brett | Lara | ||
Joint Venture A/c (Equipment) | 10,000 | Joint Bank A/c | 1,50,000 | 2,25,000 | |||
Joint Bank A/c (Balancing figure) | 1,98,000 | 2,72,000 | Joint Venture A/c (Licensing Fees) | 10,000 | |||
Joint Venture A/c (Share in Profit) | 38,000 | 57,000 | |||||
1,98,000 | 2,82,000 | 1,98,000 | 2,82,000 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Brett | 1,50,000 | Joint Venture A/c | 3,55,000 | ||
Lara | 2,25,000 | Brett | 1,98,000 | ||
Joint Venture A/c | 4,50,000 | Lara | 2,72,000 | ||
8,25,000 | 8,25,000 | ||||
Journal | |||||
Date | Particulars | L.F. | Debit Amount Rs | Credit Amount Rs | |
Joint Bank A/c | Dr. | 3,75,000 | |||
To Brett
|
1,50,000 | ||||
To Lara
|
2,25,000 | ||||
(Capital contributed by Brett and Lara) | |||||
Joint Venture A/c | Dr. | 3,55,000 | |||
To Joint Bank A/c
|
3,55,000 | ||||
(Expenses paid through bank) | |||||
Joint Venture A/c | Dr. | 10,000 | |||
To Brett
|
10,000 | ||||
(Licensing fees paid by Brett) | |||||
Joint Bank A/c | Dr. | 4,50,000 | |||
To Joint Venture A/c
|
4,50,000 | ||||
( Contract price received) | |||||
Lara | Dr. | 10,000 | |||
To Joint Venture A/c
|
10,000 | ||||
(Goods taken over by Lara) | |||||
Joint Venture A/c | Dr. | 95,000 | |||
To Brett
|
38,000 | ||||
To Lara
|
57,000 | ||||
(Profit transferred to co-venturers) | |||||
Brett | Dr. | 1,98,000 | |||
Lara | Dr. | 2,72,000 | |||
To Joint Bank A/c
|
4,70,000 | ||||
( Final payment made to co-venturers) | |||||
Page No 1.69:
Question 21:
Joint Venture Account | |||||||
Dr. | Cr. | ||||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||||
Joint Bank A/c | Joint Bank A/c (5,00,000 – 50,000) | 4,50,000 | |||||
Purchase of Equipments
|
25,000 | Lara (Equipment) | 10,000 | ||||
Hire of Equipments
|
30,000 | ||||||
Wages
|
2,00,000 | ||||||
Materials
|
75,000 | ||||||
Office Expenses
|
25,000 | 3,55,000 | |||||
Brett (Licensing Fees) | 10,000 | ||||||
Profit transferred to: | |||||||
Brett (40%)
|
38,000 | ||||||
Lara (60%)
|
57,000 | 95,000 | |||||
4,60,000 | 4,60,000 | ||||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | Brett | Lara | Particulars | Brett | Lara | ||
Joint Venture A/c (Equipment) | 10,000 | Joint Bank A/c | 1,50,000 | 2,25,000 | |||
Joint Bank A/c (Balancing figure) | 1,98,000 | 2,72,000 | Joint Venture A/c (Licensing Fees) | 10,000 | |||
Joint Venture A/c (Share in Profit) | 38,000 | 57,000 | |||||
1,98,000 | 2,82,000 | 1,98,000 | 2,82,000 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Brett | 1,50,000 | Joint Venture A/c | 3,55,000 | ||
Lara | 2,25,000 | Brett | 1,98,000 | ||
Joint Venture A/c | 4,50,000 | Lara | 2,72,000 | ||
8,25,000 | 8,25,000 | ||||
Journal | |||||
Date | Particulars | L.F. | Debit Amount Rs | Credit Amount Rs | |
Joint Bank A/c | Dr. | 3,75,000 | |||
To Brett
|
1,50,000 | ||||
To Lara
|
2,25,000 | ||||
(Capital contributed by Brett and Lara) | |||||
Joint Venture A/c | Dr. | 3,55,000 | |||
To Joint Bank A/c
|
3,55,000 | ||||
(Expenses paid through bank) | |||||
Joint Venture A/c | Dr. | 10,000 | |||
To Brett
|
10,000 | ||||
(Licensing fees paid by Brett) | |||||
Joint Bank A/c | Dr. | 4,50,000 | |||
To Joint Venture A/c
|
4,50,000 | ||||
( Contract price received) | |||||
Lara | Dr. | 10,000 | |||
To Joint Venture A/c
|
10,000 | ||||
(Goods taken over by Lara) | |||||
Joint Venture A/c | Dr. | 95,000 | |||
To Brett
|
38,000 | ||||
To Lara
|
57,000 | ||||
(Profit transferred to co-venturers) | |||||
Brett | Dr. | 1,98,000 | |||
Lara | Dr. | 2,72,000 | |||
To Joint Bank A/c
|
4,70,000 | ||||
( Final payment made to co-venturers) | |||||
Answer:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
|||
2012 | 2012 | |||||||
Feb. 15 | Joint Bank A/c (Import of Cycles) | 2,50,000 | Feb. 15 | Joint Bank A/c (Insurance Claim) | 2,500 | |||
Feb. 15 | Joint Bank A/c (Freight, Insurance, Dock Charges, etc.) | 39,000 | Mar. 31 | Joint Bank A/c ( Sale of Cycles) | 3,91,000 | |||
Mar. 31 | Profit transferred to: | Mar. 31 | Ahmad ( Stock) | 12,000 | ||||
Ali
|
77,667 | |||||||
Ahmad
|
38,833 | 1,16,500 | ||||||
4,05,500 | 4,05,500 | |||||||
Co-Venturers’ Account | |||||||||
Dr. | Cr. | ||||||||
Date | Particulars | Ali | Ahmad | Date | Particulars | Ali | Ahmad | ||
2012 | 2012 | ||||||||
Mar. 31 | Joint Venture A/c | − | 12,000 | Jan. 01 | Joint Bank A/c | 2,00,000 | 1,00,000 | ||
Mar. 31 | Joint Bank A/c (Balancing figure) | 2,77,667 | 1,26,833 | Mar. 31 | Joint Venture A/c | 77,667 | 38,833 | ||
2,77,667 | 1,38,833 | 2,77,667 | 1,38,833 | ||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs | Date | Particulars | Amount Rs |
||
2012 | 2012 | ||||||
Jan. 01 | Ali | 2,00,000 | Feb. 15 | Joint Venture A/c | 2,50,000 | ||
Jan. 01 | Ahmad | 1,00,000 | Feb. 15 | Joint Venture A/c | 39,000 | ||
Feb. 15 | Joint Venture A/c (Claim) | 2,500 | Mar. 31 | Ali (Final Payment) | 2,77,667 | ||
Mar. 31 | Joint Venture A/c | 3,91,000 | Mar. 31 | Ahmad (Final Payment) | 1,26,833 | ||
6,93,500 | 6,93,500 | ||||||
Page No 1.70:
Question 22:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
|||
2012 | 2012 | |||||||
Feb. 15 | Joint Bank A/c (Import of Cycles) | 2,50,000 | Feb. 15 | Joint Bank A/c (Insurance Claim) | 2,500 | |||
Feb. 15 | Joint Bank A/c (Freight, Insurance, Dock Charges, etc.) | 39,000 | Mar. 31 | Joint Bank A/c ( Sale of Cycles) | 3,91,000 | |||
Mar. 31 | Profit transferred to: | Mar. 31 | Ahmad ( Stock) | 12,000 | ||||
Ali
|
77,667 | |||||||
Ahmad
|
38,833 | 1,16,500 | ||||||
4,05,500 | 4,05,500 | |||||||
Co-Venturers’ Account | |||||||||
Dr. | Cr. | ||||||||
Date | Particulars | Ali | Ahmad | Date | Particulars | Ali | Ahmad | ||
2012 | 2012 | ||||||||
Mar. 31 | Joint Venture A/c | − | 12,000 | Jan. 01 | Joint Bank A/c | 2,00,000 | 1,00,000 | ||
Mar. 31 | Joint Bank A/c (Balancing figure) | 2,77,667 | 1,26,833 | Mar. 31 | Joint Venture A/c | 77,667 | 38,833 | ||
2,77,667 | 1,38,833 | 2,77,667 | 1,38,833 | ||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs | Date | Particulars | Amount Rs |
||
2012 | 2012 | ||||||
Jan. 01 | Ali | 2,00,000 | Feb. 15 | Joint Venture A/c | 2,50,000 | ||
Jan. 01 | Ahmad | 1,00,000 | Feb. 15 | Joint Venture A/c | 39,000 | ||
Feb. 15 | Joint Venture A/c (Claim) | 2,500 | Mar. 31 | Ali (Final Payment) | 2,77,667 | ||
Mar. 31 | Joint Venture A/c | 3,91,000 | Mar. 31 | Ahmad (Final Payment) | 1,26,833 | ||
6,93,500 | 6,93,500 | ||||||
Answer:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
|||
2015 | 2015 | |||||||
Jan. 06 | Joint Bank A/c (Rent) | 1,200 | Jan. 28 | Joint Bank A/c (Sales) | 39,200 | |||
Jan. 07 | Joint Bank A/c (Purchases) | 72,000 | Feb. 04 | Joint Bank A/c (Sales) | 52,000 | |||
Jan. 07 | Joint Bank A/c (Freight) | 1,000 | Feb. 20 | Joint Bank A/c (Sales) | 28,000 | |||
Jan. 15 | Piyush (Advertisement Expenses) | 200 | Feb. 24 | Piyush (Goods taken) | 8,000 | |||
Feb. 15 | Joint Bank A/c (Purchases) | 12,000 | ||||||
Feb. 15 | Manish (Sundry Expenses) | 120 | ||||||
Feb. 28 | Profit transferred to: | |||||||
Piyush
|
27,120 | |||||||
Manish
|
13,560 | 40,680 | ||||||
1,27,200 | 1,27,200 | |||||||
Co-Venturers’ Account | |||||||||
Dr. | Cr. | ||||||||
Date | Particulars | Piyush | Manish | Date | Particulars | Piyush | Manish | ||
2015 | 2015 | ||||||||
Feb. 24 | Joint Venture A/c (Goods taken) | 8,000 | − | Jan. 01 | Joint Bank A/c | 72,000 | 36,000 | ||
Feb. 28 | Joint Bank A/c (Balancing figure) | 91,320 | 49,680 | Jan. 15 | Joint Venture A/c (Advertisement Expenses) | 200 | − | ||
Feb. 15 | Joint Venture A/c (Sundry Expenses) | − | 120 | ||||||
Feb. 28 | Joint Venture A/c (Share in Profit) | 27,120 | 13,560 | ||||||
99,320 | 49,680 | 99,320 | 49,680 | ||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
||
2015 | 2015 | ||||||
Jan. 01 | Piyush | 72,000 | Jan. 06 | Joint Venture A/c (Rent) | 1,200 | ||
Jan. 01 | Manish | 36,000 | Jan. 07 | Joint Venture A/c (Purchases) | 72,000 | ||
Jan. 28 | Joint Venture A/c (Sales) | 39,200 | Jan. 07 | Joint Venture A/c (Freight) | 1,000 | ||
Feb. 04 | Joint Venture A/c (Sales) | 52,000 | Feb. 15 | Joint Venture A/c (Purchases) | 12,000 | ||
Feb. 20 | Joint Venture A/c (Sales) | 28,000 | Feb. 28 | Piyush (Final Payment) | 91,320 | ||
Feb. 28 | Manish (Final Payment) | 49,680 | |||||
2,27,200 | 2,27,200 | ||||||
Page No 1.70:
Question 23:
Joint Venture Account | ||||||||
Dr. | Cr. | |||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
|||
2015 | 2015 | |||||||
Jan. 06 | Joint Bank A/c (Rent) | 1,200 | Jan. 28 | Joint Bank A/c (Sales) | 39,200 | |||
Jan. 07 | Joint Bank A/c (Purchases) | 72,000 | Feb. 04 | Joint Bank A/c (Sales) | 52,000 | |||
Jan. 07 | Joint Bank A/c (Freight) | 1,000 | Feb. 20 | Joint Bank A/c (Sales) | 28,000 | |||
Jan. 15 | Piyush (Advertisement Expenses) | 200 | Feb. 24 | Piyush (Goods taken) | 8,000 | |||
Feb. 15 | Joint Bank A/c (Purchases) | 12,000 | ||||||
Feb. 15 | Manish (Sundry Expenses) | 120 | ||||||
Feb. 28 | Profit transferred to: | |||||||
Piyush
|
27,120 | |||||||
Manish
|
13,560 | 40,680 | ||||||
1,27,200 | 1,27,200 | |||||||
Co-Venturers’ Account | |||||||||
Dr. | Cr. | ||||||||
Date | Particulars | Piyush | Manish | Date | Particulars | Piyush | Manish | ||
2015 | 2015 | ||||||||
Feb. 24 | Joint Venture A/c (Goods taken) | 8,000 | − | Jan. 01 | Joint Bank A/c | 72,000 | 36,000 | ||
Feb. 28 | Joint Bank A/c (Balancing figure) | 91,320 | 49,680 | Jan. 15 | Joint Venture A/c (Advertisement Expenses) | 200 | − | ||
Feb. 15 | Joint Venture A/c (Sundry Expenses) | − | 120 | ||||||
Feb. 28 | Joint Venture A/c (Share in Profit) | 27,120 | 13,560 | ||||||
99,320 | 49,680 | 99,320 | 49,680 | ||||||
Joint Bank Account | |||||||
Dr. | Cr. | ||||||
Date | Particulars | Amount Rs |
Date | Particulars | Amount Rs |
||
2015 | 2015 | ||||||
Jan. 01 | Piyush | 72,000 | Jan. 06 | Joint Venture A/c (Rent) | 1,200 | ||
Jan. 01 | Manish | 36,000 | Jan. 07 | Joint Venture A/c (Purchases) | 72,000 | ||
Jan. 28 | Joint Venture A/c (Sales) | 39,200 | Jan. 07 | Joint Venture A/c (Freight) | 1,000 | ||
Feb. 04 | Joint Venture A/c (Sales) | 52,000 | Feb. 15 | Joint Venture A/c (Purchases) | 12,000 | ||
Feb. 20 | Joint Venture A/c (Sales) | 28,000 | Feb. 28 | Piyush (Final Payment) | 91,320 | ||
Feb. 28 | Manish (Final Payment) | 49,680 | |||||
2,27,200 | 2,27,200 | ||||||
Answer:
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Joint Bank A/c (Purchases) (400 × 60) | 24,000 | Joint Bank A/c (Sales) (400 × 100 less 5%) | 38,000 | |||
Sandeep (Expenses) | 6,500 | Joint Bank A/c (Sales) (5,000 × 5 less 10%) | 22,500 | |||
Joint Bank A/c (Purchases) (5,000 × 3) | 15,000 | |||||
Pradeep (Expenses) | 5,500 | |||||
Sandeep (Selling Expenses) | 3,000 | |||||
Pradeep (Selling Expenses) | 2,000 | |||||
Profit transferred to: | ||||||
Sandeep
|
2,250 | |||||
Pradeep
|
2,250 | 4,500 | ||||
60,500 | 60,500 | |||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | Sandeep | Pradeep | Particulars | Sandeep | Pradeep | ||
Joint Bank A/c (Balancing figure) | 31,750 | 29,750 | Joint Bank A/c | 20,000 | 20,000 | ||
Joint Venture A/c (Expenses) | 6,500 | 5,500 | |||||
Joint Venture A/c (Selling Expenses) | 3,000 | 2,000 | |||||
Joint Venture A/c (Share in Profit) | 2,250 | 2,250 | |||||
31,750 | 29,750 | 31,750 | 29,750 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Sandeep | 20,000 | Joint Venture A/c (Purchases) | 24,000 | ||
Pradeep | 20,000 | Joint Venture A/c (Purchases) | 15,000 | ||
Joint Venture A/c (Sales) | 38,000 | Sandeep (Final Payment) | 31,750 | ||
Joint Venture A/c (Sales) | 22,500 | Pradeep (Final Payment) | 29,750 | ||
1,00,500 | 1,00,500 | ||||
Page No 1.70:
Question 24:
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Joint Bank A/c (Purchases) (400 × 60) | 24,000 | Joint Bank A/c (Sales) (400 × 100 less 5%) | 38,000 | |||
Sandeep (Expenses) | 6,500 | Joint Bank A/c (Sales) (5,000 × 5 less 10%) | 22,500 | |||
Joint Bank A/c (Purchases) (5,000 × 3) | 15,000 | |||||
Pradeep (Expenses) | 5,500 | |||||
Sandeep (Selling Expenses) | 3,000 | |||||
Pradeep (Selling Expenses) | 2,000 | |||||
Profit transferred to: | ||||||
Sandeep
|
2,250 | |||||
Pradeep
|
2,250 | 4,500 | ||||
60,500 | 60,500 | |||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | Sandeep | Pradeep | Particulars | Sandeep | Pradeep | ||
Joint Bank A/c (Balancing figure) | 31,750 | 29,750 | Joint Bank A/c | 20,000 | 20,000 | ||
Joint Venture A/c (Expenses) | 6,500 | 5,500 | |||||
Joint Venture A/c (Selling Expenses) | 3,000 | 2,000 | |||||
Joint Venture A/c (Share in Profit) | 2,250 | 2,250 | |||||
31,750 | 29,750 | 31,750 | 29,750 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Sandeep | 20,000 | Joint Venture A/c (Purchases) | 24,000 | ||
Pradeep | 20,000 | Joint Venture A/c (Purchases) | 15,000 | ||
Joint Venture A/c (Sales) | 38,000 | Sandeep (Final Payment) | 31,750 | ||
Joint Venture A/c (Sales) | 22,500 | Pradeep (Final Payment) | 29,750 | ||
1,00,500 | 1,00,500 | ||||
Answer:
Joint Venture Account
|
||||||||
Dr. |
|
Cr.
|
||||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
|||
2014
|
|
|
2014
|
|
|
|||
April 01
|
Joint Bank A/c (Raw Film) |
45,000
|
Sep. 30
|
A (Stock taken over) |
10,000
|
|||
April 01
|
A (Raw Film) |
15,000
|
April 01
|
A & Co. Ltd. (Contract price) |
1,20,000
|
|||
April 01
|
Joint Bank A/c (Remuneration) |
20,000
|
|
(1,50,000 less 20%) |
|
|||
April 01
|
B (Remuneration) |
5,000
|
|
|||||
April 01
|
Joint Bank A/c (Remuneration of Technical Staff) |
18,000
|
|
|
|
|||
April 01
|
Joint Bank A/c (Other production expenses) |
12,000
|
|
|
|
|||
Sep. 30
|
Profit transferred to: |
|
|
|
|
|||
A (5/8) |
9,375
|
|
|
|||||
B (3/8) |
5,625
|
15,000
|
|
|||||
1,30,000
|
1,30,000
|
|||||||
|
|
|
Co-Venturers’ Account |
|||||||||
Dr. |
|
Cr.
|
|||||||
Date
|
Particulars
|
A
|
B
|
Date
|
Particulars
|
A
|
B
|
||
2014
|
|
|
|
2014
|
|
|
|
||
April 01
|
Joint Venture A/c |
10,000
|
– |
April 01
|
Joint Bank A/c |
50,000
|
30,000
|
||
Sep. 30
|
Joint Bank A/c (Balancing figure) |
64,375
|
40,625
|
April 01
|
Joint Venture A/c (Expenses) |
15,000
|
5,000
|
||
|
|
|
Sep. 30
|
Joint Venture A/c |
9,375
|
5,625
|
|||
|
74,375
|
40,625
|
|
74,375
|
40,625
|
||||
|
|
|
|
|
|
||||
Joint Bank Account
|
|||||||
Dr. |
|
Cr.
|
|||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
||
2014
|
|
|
2014
|
|
|
||
April 01
|
A |
50,000
|
April 01
|
Joint Venture A/c (60,000 + 25,000 + 18,000 + 12,000 – 15,000 – 5,000) |
65,000
|
||
April 01
|
A & Co. Ltd. (Advance) |
25,000
|
Sep. 30
|
A |
64,375
|
||
Sep. 30
|
A & Co. Ltd. (Final Payment) |
95,000
|
Sep. 30
|
B |
40,625
|
||
2,00,000
|
|
2,00,000
|
|||||
|
|
A & Co. Ltd. Account |
|||||||
Dr. |
|
Cr.
|
|||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
||
2014
|
|
|
2014
|
|
|
||
Sep. 30
|
Joint Venture A/c (Balancing figure) |
1,20,000
|
April 01
|
Joint Bank A/c |
25,000
|
||
|
Sep. 30
|
Joint Venture A/c (Final Payment) |
95,000
|
||||
1,20,000
|
1,20,000
|
||||||
|
|
Page No 1.71:
Question 25:
Joint Venture Account
|
||||||||
Dr. |
|
Cr.
|
||||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
|||
2014
|
|
|
2014
|
|
|
|||
April 01
|
Joint Bank A/c (Raw Film) |
45,000
|
Sep. 30
|
A (Stock taken over) |
10,000
|
|||
April 01
|
A (Raw Film) |
15,000
|
April 01
|
A & Co. Ltd. (Contract price) |
1,20,000
|
|||
April 01
|
Joint Bank A/c (Remuneration) |
20,000
|
|
(1,50,000 less 20%) |
|
|||
April 01
|
B (Remuneration) |
5,000
|
|
|||||
April 01
|
Joint Bank A/c (Remuneration of Technical Staff) |
18,000
|
|
|
|
|||
April 01
|
Joint Bank A/c (Other production expenses) |
12,000
|
|
|
|
|||
Sep. 30
|
Profit transferred to: |
|
|
|
|
|||
A (5/8) |
9,375
|
|
|
|||||
B (3/8) |
5,625
|
15,000
|
|
|||||
1,30,000
|
1,30,000
|
|||||||
|
|
|
Co-Venturers’ Account |
|||||||||
Dr. |
|
Cr.
|
|||||||
Date
|
Particulars
|
A
|
B
|
Date
|
Particulars
|
A
|
B
|
||
2014
|
|
|
|
2014
|
|
|
|
||
April 01
|
Joint Venture A/c |
10,000
|
– |
April 01
|
Joint Bank A/c |
50,000
|
30,000
|
||
Sep. 30
|
Joint Bank A/c (Balancing figure) |
64,375
|
40,625
|
April 01
|
Joint Venture A/c (Expenses) |
15,000
|
5,000
|
||
|
|
|
Sep. 30
|
Joint Venture A/c |
9,375
|
5,625
|
|||
|
74,375
|
40,625
|
|
74,375
|
40,625
|
||||
|
|
|
|
|
|
||||
Joint Bank Account
|
|||||||
Dr. |
|
Cr.
|
|||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
||
2014
|
|
|
2014
|
|
|
||
April 01
|
A |
50,000
|
April 01
|
Joint Venture A/c (60,000 + 25,000 + 18,000 + 12,000 – 15,000 – 5,000) |
65,000
|
||
April 01
|
A & Co. Ltd. (Advance) |
25,000
|
Sep. 30
|
A |
64,375
|
||
Sep. 30
|
A & Co. Ltd. (Final Payment) |
95,000
|
Sep. 30
|
B |
40,625
|
||
2,00,000
|
|
2,00,000
|
|||||
|
|
A & Co. Ltd. Account |
|||||||
Dr. |
|
Cr.
|
|||||
Date
|
Particulars
|
Amount
Rs
|
Date
|
Particulars
|
Amount
Rs
|
||
2014
|
|
|
2014
|
|
|
||
Sep. 30
|
Joint Venture A/c (Balancing figure) |
1,20,000
|
April 01
|
Joint Bank A/c |
25,000
|
||
|
Sep. 30
|
Joint Venture A/c (Final Payment) |
95,000
|
||||
1,20,000
|
1,20,000
|
||||||
|
|
Answer:
|
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Joint Bank A/c (Wages) |
3,00,000 |
Joint Bank A/c |
|
|||
Joint Bank A/c (Materials) |
7,00,000 |
-Part Contract Price |
8,00,000 |
|||
Parveen’s A/c (Materials) |
50,000 |
Shares A/c |
|
|||
Mohan’s A/c (Materials) |
40,000 |
-Part Contract Price |
2,00,000 |
|||
Parveen’s A/c (Architect’s Fees) |
20,000 |
Mohan’s A/c (Unused Stock Materials) |
30,000 |
|||
Shares A/c- Loss on Shares |
40,000 |
|
|
|||
|
|
Loss transferred to: |
|
|||
|
|
Parveen’s A/c |
80,000 |
|
||
|
|
Mohan’s A/c |
40,000 |
1,20,000 |
||
|
11,50,000 |
|
11,50,000 |
|||
|
|
|
|
|||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Parveen’s A/c |
2,50,000 |
Joint Venture A/c (Wages) |
3,00,000 |
||
Mohan’s A/c |
1,50,000 |
Joint Venture A/c (Materials) |
7,00,000 |
||
Joint Venture A/c |
8,00,000 |
Parveen’s A/c (Final Settlement) |
2,40,000 |
||
Joint Venture A/c (Sale of shares) |
1,60,000 |
Mohan’s A/c (Final Settlement) |
1,20,000 |
||
|
13,60,000 |
|
13,60,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||
Particulars |
Parveen |
Mohan |
Particulars |
Parveen |
Mohan |
||
Joint Venture A/c (Stock Taken Over) |
|
30,000 |
Joint Bank A/c |
2,50,000 |
1,50,000 |
||
Joint Venture A/c -Share of Loss |
80,000 |
40,000 |
Joint Venture A/c (Materials) |
50,000 |
40,000 |
||
Joint Bank A/c |
2,40,000 |
1,20,000 |
Joint Venture A/c (Architect’s Fees) |
20,000 |
|
||
|
3,20,000 |
1,90,000 |
|
3,20,000 |
1,90,000 |
||
|
|
|
|
|
|
||
Dr. |
Shares Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
2,00,000 |
Joint Bank A/c |
1,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on sale) |
40,000 |
||
|
|
|
|
||
|
2,00,000 |
|
2,00,000 |
||
|
|
|
|
||
Page No 1.71:
Question 26:
|
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Joint Bank A/c (Wages) |
3,00,000 |
Joint Bank A/c |
|
|||
Joint Bank A/c (Materials) |
7,00,000 |
-Part Contract Price |
8,00,000 |
|||
Parveen’s A/c (Materials) |
50,000 |
Shares A/c |
|
|||
Mohan’s A/c (Materials) |
40,000 |
-Part Contract Price |
2,00,000 |
|||
Parveen’s A/c (Architect’s Fees) |
20,000 |
Mohan’s A/c (Unused Stock Materials) |
30,000 |
|||
Shares A/c- Loss on Shares |
40,000 |
|
|
|||
|
|
Loss transferred to: |
|
|||
|
|
Parveen’s A/c |
80,000 |
|
||
|
|
Mohan’s A/c |
40,000 |
1,20,000 |
||
|
11,50,000 |
|
11,50,000 |
|||
|
|
|
|
|||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Parveen’s A/c |
2,50,000 |
Joint Venture A/c (Wages) |
3,00,000 |
||
Mohan’s A/c |
1,50,000 |
Joint Venture A/c (Materials) |
7,00,000 |
||
Joint Venture A/c |
8,00,000 |
Parveen’s A/c (Final Settlement) |
2,40,000 |
||
Joint Venture A/c (Sale of shares) |
1,60,000 |
Mohan’s A/c (Final Settlement) |
1,20,000 |
||
|
13,60,000 |
|
13,60,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||
Particulars |
Parveen |
Mohan |
Particulars |
Parveen |
Mohan |
||
Joint Venture A/c (Stock Taken Over) |
|
30,000 |
Joint Bank A/c |
2,50,000 |
1,50,000 |
||
Joint Venture A/c -Share of Loss |
80,000 |
40,000 |
Joint Venture A/c (Materials) |
50,000 |
40,000 |
||
Joint Bank A/c |
2,40,000 |
1,20,000 |
Joint Venture A/c (Architect’s Fees) |
20,000 |
|
||
|
3,20,000 |
1,90,000 |
|
3,20,000 |
1,90,000 |
||
|
|
|
|
|
|
||
Dr. |
Shares Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
2,00,000 |
Joint Bank A/c |
1,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on sale) |
40,000 |
||
|
|
|
|
||
|
2,00,000 |
|
2,00,000 |
||
|
|
|
|
||
Answer:
|
|||||||
Dr. |
Joint Venture Account |
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Joint Bank A/c (Wages) |
4,95,000 |
Joint Bank A/c |
|
||||
Joint Bank A/c (Materials) |
7,50,000 |
-Part Contract Price |
12,00,000 |
||||
A’s A/c (Planning Cost) |
20,000 |
Shares A/c |
|
||||
B’s A/c (Machinery) |
60,000 |
-Part Contract Price |
3,00,000 |
||||
C’s A/c (Truck) |
1,50,000 |
A’s A/c (Unused Stock Materials) |
35,000 |
||||
Shares A/c- Loss on Shares |
40,000 |
B’s A/c (Machinery taken over) |
70,000 |
||||
Profit transferred to: |
|
C’s A/c (Truck taken over) |
1,20,000 |
||||
A’s A/c |
70,000 |
|
Loss transferred to: |
|
|||
B’s A/c |
70,000 |
|
Parveen’s A/c |
80,000 |
|
||
C’s A/c |
70,000 |
2,10,000 |
Mohan’s A/c |
40,000 |
1,20,000 |
||
|
17,25,000 |
|
17,25,000 |
||||
|
|
|
|
||||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
A’s A/c |
1,80,000 |
Joint Venture A/c (Wages) |
4,95,000 |
||
B’s A/c |
2,00,000 |
Joint Venture A/c (Materials) |
7,50,000 |
||
C’s A/c |
1,30,000 |
A’s A/c (Final Settlement) |
2,35,000 |
||
Joint Venture A/c |
12,00,000 |
B’s A/c (Final Settlement) |
2,60,000 |
||
Joint Venture A/c (Sale of shares) |
2,60,000 |
C’s A/c (Final Settlement) |
2,30,000 |
||
|
19,70,000 |
|
19,70,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||||
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
Joint Venture A/c (Stock/Machine/Truck taken over) |
35,000 |
70,000 |
1,20,000 |
Joint Bank A/c |
1,80,000 |
2,00,000 |
1,30,000 |
||
Joint Bank A/c |
2,35,000 |
2,60,000 |
2,30,000 |
Joint Venture A/c (Exp./Machinery/Truck) |
20,000 |
60,000 |
1,50,000 |
||
|
|
|
|
Joint Venture A/c (Share in Profit) |
70,000 |
70,000 |
70,000 |
||
|
2,70,000 |
3,30,000 |
3,50,000 |
|
2,70,000 |
3,30,000 |
3,50,000 |
||
|
|
|
|
|
|
|
|
||
Dr. |
Shares Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
3,00,000 |
Joint Bank A/c |
2,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on sale) |
40,000 |
||
|
|
|
|
||
|
3,00,000 |
|
3,00,000 |
||
|
|
|
|
||
Page No 1.71:
Question 27:
|
|||||||
Dr. |
Joint Venture Account |
Cr. |
|||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||||
Joint Bank A/c (Wages) |
4,95,000 |
Joint Bank A/c |
|
||||
Joint Bank A/c (Materials) |
7,50,000 |
-Part Contract Price |
12,00,000 |
||||
A’s A/c (Planning Cost) |
20,000 |
Shares A/c |
|
||||
B’s A/c (Machinery) |
60,000 |
-Part Contract Price |
3,00,000 |
||||
C’s A/c (Truck) |
1,50,000 |
A’s A/c (Unused Stock Materials) |
35,000 |
||||
Shares A/c- Loss on Shares |
40,000 |
B’s A/c (Machinery taken over) |
70,000 |
||||
Profit transferred to: |
|
C’s A/c (Truck taken over) |
1,20,000 |
||||
A’s A/c |
70,000 |
|
Loss transferred to: |
|
|||
B’s A/c |
70,000 |
|
Parveen’s A/c |
80,000 |
|
||
C’s A/c |
70,000 |
2,10,000 |
Mohan’s A/c |
40,000 |
1,20,000 |
||
|
17,25,000 |
|
17,25,000 |
||||
|
|
|
|
||||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
A’s A/c |
1,80,000 |
Joint Venture A/c (Wages) |
4,95,000 |
||
B’s A/c |
2,00,000 |
Joint Venture A/c (Materials) |
7,50,000 |
||
C’s A/c |
1,30,000 |
A’s A/c (Final Settlement) |
2,35,000 |
||
Joint Venture A/c |
12,00,000 |
B’s A/c (Final Settlement) |
2,60,000 |
||
Joint Venture A/c (Sale of shares) |
2,60,000 |
C’s A/c (Final Settlement) |
2,30,000 |
||
|
19,70,000 |
|
19,70,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||||
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
Joint Venture A/c (Stock/Machine/Truck taken over) |
35,000 |
70,000 |
1,20,000 |
Joint Bank A/c |
1,80,000 |
2,00,000 |
1,30,000 |
||
Joint Bank A/c |
2,35,000 |
2,60,000 |
2,30,000 |
Joint Venture A/c (Exp./Machinery/Truck) |
20,000 |
60,000 |
1,50,000 |
||
|
|
|
|
Joint Venture A/c (Share in Profit) |
70,000 |
70,000 |
70,000 |
||
|
2,70,000 |
3,30,000 |
3,50,000 |
|
2,70,000 |
3,30,000 |
3,50,000 |
||
|
|
|
|
|
|
|
|
||
Dr. |
Shares Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
3,00,000 |
Joint Bank A/c |
2,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on sale) |
40,000 |
||
|
|
|
|
||
|
3,00,000 |
|
3,00,000 |
||
|
|
|
|
||
Answer:
|
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Joint Bank A/c (Wages) |
14,64,400 |
Joint Bank A/c |
|
|||
Joint Bank A/c (Materials) |
24,53,600 |
-Part Contract Price |
45,00,000 |
|||
Das’s A/c (Architect’s Fees) |
64,000 |
14% Debentures A/c |
|
|||
Bose’s A/c (Mixer) |
1,60,000 |
-Part Contract Price |
5,00,000 |
|||
Gupta’s A/c (Motor Lorry) |
1,50,000 |
Gupta’s A/c (Lorry’s taken over) |
80,000 |
|||
Joint Bank A/c (Expenses) |
40,000 |
Joint Bank A/c |
1,20,000 |
|||
Joint Bank A/c (Plant) |
1,20,000 |
(Mixer + Plant) |
|
|||
14% Debentures A/c- Loss on Debentures |
40,000 |
|
|
|||
Profit transferred to: |
|
|
|
|||
Das’s A/c |
2,36,000 |
|
|
|
||
Bose’s A/c |
2,36,000 |
|
|
|
||
Gupta’s A/c |
2,36,000 |
7,08,000 |
|
|
||
|
52,00,000 |
|
52,00,000 |
|||
|
|
|
|
|||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Das’s A/c |
6,00,000 |
Joint Venture A/c (Wages) |
14,64,400 |
||
Bose’s A/c |
7,50,000 |
Joint Venture A/c (Materials) |
24,53,600 |
||
Gupta’s A/c |
4,00,000 |
Joint Venture A/c (Expense) |
40,000 |
||
Joint Venture A/c |
45,00,000 |
Joint Venture A/c (Plant) |
1,20,000 |
||
Joint Venture A/c |
1,20,000 |
Das’s A/c (Final Settlement) |
4,40,000 |
||
|
|
Bose’s A/c (Final Settlement) |
11,46,000 |
||
|
|
Gupta’s A/c (Final Settlement) |
7,06,000 |
||
|
63,70,000 |
|
63,70,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||||
Particulars |
Das |
Bose |
Gupta |
Particulars |
Das |
Bose |
Gupta |
||
Joint Venture A/c (Lorry taken over) |
|
|
80,000 |
Joint Bank A/c |
6,00,000 |
7,50,000 |
4,00,000 |
||
14% Debentures A/c- Taken over |
4,60,000 |
|
|
Joint Venture A/c (Exp./Mixer/Lorry) |
64,000 |
1,60,000 |
1,50,000 |
||
Joint Bank A/c |
4,40,000 |
11,46,000 |
7,06,000 |
Joint Venture A/c (Share in Profit) |
2,36,000 |
2,36,000 |
2,36,000 |
||
|
9,00,000 |
11,46,000 |
7,86,000 |
|
9,00,000 |
11,46,000 |
7,86,000 |
||
|
|
|
|
|
|
|
|
||
Dr. |
14% Debentures Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
5,00,000 |
Das’ s A/c |
4,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on Deb.) |
40,000 |
||
|
|
|
|
||
|
5,00,000 |
|
5,00,000 |
||
|
|
|
|
||
Page No 1.71:
Question 28:
|
||||||
Dr. |
Joint Venture Account |
Cr. |
||||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|||
Joint Bank A/c (Wages) |
14,64,400 |
Joint Bank A/c |
|
|||
Joint Bank A/c (Materials) |
24,53,600 |
-Part Contract Price |
45,00,000 |
|||
Das’s A/c (Architect’s Fees) |
64,000 |
14% Debentures A/c |
|
|||
Bose’s A/c (Mixer) |
1,60,000 |
-Part Contract Price |
5,00,000 |
|||
Gupta’s A/c (Motor Lorry) |
1,50,000 |
Gupta’s A/c (Lorry’s taken over) |
80,000 |
|||
Joint Bank A/c (Expenses) |
40,000 |
Joint Bank A/c |
1,20,000 |
|||
Joint Bank A/c (Plant) |
1,20,000 |
(Mixer + Plant) |
|
|||
14% Debentures A/c- Loss on Debentures |
40,000 |
|
|
|||
Profit transferred to: |
|
|
|
|||
Das’s A/c |
2,36,000 |
|
|
|
||
Bose’s A/c |
2,36,000 |
|
|
|
||
Gupta’s A/c |
2,36,000 |
7,08,000 |
|
|
||
|
52,00,000 |
|
52,00,000 |
|||
|
|
|
|
|||
Dr. |
Joint Bank Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Das’s A/c |
6,00,000 |
Joint Venture A/c (Wages) |
14,64,400 |
||
Bose’s A/c |
7,50,000 |
Joint Venture A/c (Materials) |
24,53,600 |
||
Gupta’s A/c |
4,00,000 |
Joint Venture A/c (Expense) |
40,000 |
||
Joint Venture A/c |
45,00,000 |
Joint Venture A/c (Plant) |
1,20,000 |
||
Joint Venture A/c |
1,20,000 |
Das’s A/c (Final Settlement) |
4,40,000 |
||
|
|
Bose’s A/c (Final Settlement) |
11,46,000 |
||
|
|
Gupta’s A/c (Final Settlement) |
7,06,000 |
||
|
63,70,000 |
|
63,70,000 |
||
|
|
|
|
||
Dr. |
Capital Account |
Cr. |
|||||||
Particulars |
Das |
Bose |
Gupta |
Particulars |
Das |
Bose |
Gupta |
||
Joint Venture A/c (Lorry taken over) |
|
|
80,000 |
Joint Bank A/c |
6,00,000 |
7,50,000 |
4,00,000 |
||
14% Debentures A/c- Taken over |
4,60,000 |
|
|
Joint Venture A/c (Exp./Mixer/Lorry) |
64,000 |
1,60,000 |
1,50,000 |
||
Joint Bank A/c |
4,40,000 |
11,46,000 |
7,06,000 |
Joint Venture A/c (Share in Profit) |
2,36,000 |
2,36,000 |
2,36,000 |
||
|
9,00,000 |
11,46,000 |
7,86,000 |
|
9,00,000 |
11,46,000 |
7,86,000 |
||
|
|
|
|
|
|
|
|
||
Dr. |
14% Debentures Account |
Cr. |
|||
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
||
Joint Venture A/c |
5,00,000 |
Das’ s A/c |
4,60,000 |
||
-Part Contract Price |
|
Joint Venture A/c (Loss on Deb.) |
40,000 |
||
|
|
|
|
||
|
5,00,000 |
|
5,00,000 |
||
|
|
|
|
||
Answer:
Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Joint Bank A/c (Timber) |
37,50,000
|
Joint Bank A/c (Insurance Claim) |
67,500
|
|||
Joint Bank A/c (Freight) |
37,500
|
Joint Bank A/c (Sales) |
45,00,000
|
|||
Joint Bank A/c (Insurance) |
25,000
|
X (Timber taken) |
1,41,389
|
|||
Joint Bank A/c (Unloading Charges) |
5,000
|
Y (Timber taken) |
1,41,389
|
|||
Profit transferred to: | ||||||
X |
5,16,389
|
|||||
Y |
5,16,389
|
10,32,778
|
||||
48,50,278
|
48,50,278
|
|||||
Co-Venturers’ Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
X
|
Y
|
Particulars
|
X
|
Y
|
||
Joint Venture A/c (Stock taken over) |
1,41,389
|
1,41,389
|
Joint Bank A/c |
20,00,000
|
20,00,000
|
||
Joint Bank A/c (Balancing figure) |
23,75,000
|
23,75,000
|
Joint Venture A/c (Share in Profit) |
5,16,389
|
5,16,389
|
||
25,16,389
|
25,16,389
|
25,16,389
|
25,16,389
|
||||
Joint Bank Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
X |
20,00,000
|
Joint Venture A/c (Purchases and Expenses) |
38,17,500
|
||
Y |
20,00,000
|
X (Final Payment) |
23,75,000
|
||
Joint Venture A/c |
67,500
|
Y(Final Payment) |
23,75,000
|
||
Joint Venture A/c |
45,00,000
|
||||
85,67,500
|
85,67,500
|
||||
Working Note:
WN 1: Calculation of Unsold Stock
Page No 1.72:
Question 29:
Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Joint Bank A/c (Timber) |
37,50,000
|
Joint Bank A/c (Insurance Claim) |
67,500
|
|||
Joint Bank A/c (Freight) |
37,500
|
Joint Bank A/c (Sales) |
45,00,000
|
|||
Joint Bank A/c (Insurance) |
25,000
|
X (Timber taken) |
1,41,389
|
|||
Joint Bank A/c (Unloading Charges) |
5,000
|
Y (Timber taken) |
1,41,389
|
|||
Profit transferred to: | ||||||
X |
5,16,389
|
|||||
Y |
5,16,389
|
10,32,778
|
||||
48,50,278
|
48,50,278
|
|||||
Co-Venturers’ Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
X
|
Y
|
Particulars
|
X
|
Y
|
||
Joint Venture A/c (Stock taken over) |
1,41,389
|
1,41,389
|
Joint Bank A/c |
20,00,000
|
20,00,000
|
||
Joint Bank A/c (Balancing figure) |
23,75,000
|
23,75,000
|
Joint Venture A/c (Share in Profit) |
5,16,389
|
5,16,389
|
||
25,16,389
|
25,16,389
|
25,16,389
|
25,16,389
|
||||
Joint Bank Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
X |
20,00,000
|
Joint Venture A/c (Purchases and Expenses) |
38,17,500
|
||
Y |
20,00,000
|
X (Final Payment) |
23,75,000
|
||
Joint Venture A/c |
67,500
|
Y(Final Payment) |
23,75,000
|
||
Joint Venture A/c |
45,00,000
|
||||
85,67,500
|
85,67,500
|
||||
Working Note:
WN 1: Calculation of Unsold Stock
Answer:
Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Joint Bank A/c (8,000 × 20) |
1,60,000
|
Joint Bank A/c (7,500 × 25) |
1,87,500
|
|||
A (Transportation Charges) |
2,000
|
B (Stock taken) |
8,970
|
|||
B (Insurance) |
500
|
Joint Bank A/c (Claim @ 75%) |
1,200
|
|||
B (Unloading Charges) |
200
|
|||||
B (Godown Rent) |
700
|
|||||
B (Selling Expenses) |
600
|
|||||
Profit transferred to: | ||||||
A |
16,835
|
|||||
B |
16,835
|
33,670
|
||||
1,97,670
|
1,97,670
|
|||||
Co-Venturers’ Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
A
|
B
|
Particulars
|
A
|
B
|
||
Joint Venture A/c | – |
8,970
|
Joint Bank A/c |
1,20,000
|
80,000
|
||
Joint Bank A/c (Balancing figure) |
1,38,835
|
89,865
|
Joint Venture A/c (Expenses) |
2,000
|
2,000
|
||
Joint Venture A/c (Profit) |
16,835
|
16,835
|
|||||
1,38,835
|
98,835
|
1,38,835
|
98,835
|
||||
Joint Bank Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
A |
1,20,000
|
Joint Venture A/c |
1,60,000
|
||
B |
80,000
|
A (Final Payment) |
1,38,835
|
||
Joint Venture A/c (Claim) |
1,200
|
B (Final Payment) |
89,865
|
||
Joint Venture A/c |
1,87,500
|
||||
3,88,700
|
3,88,700
|
||||
WN 1: Calculation of Unsold Stock
WN 2: Calculation of Insurance Claim
Page No 1.72:
Question 30:
Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Joint Bank A/c (8,000 × 20) |
1,60,000
|
Joint Bank A/c (7,500 × 25) |
1,87,500
|
|||
A (Transportation Charges) |
2,000
|
B (Stock taken) |
8,970
|
|||
B (Insurance) |
500
|
Joint Bank A/c (Claim @ 75%) |
1,200
|
|||
B (Unloading Charges) |
200
|
|||||
B (Godown Rent) |
700
|
|||||
B (Selling Expenses) |
600
|
|||||
Profit transferred to: | ||||||
A |
16,835
|
|||||
B |
16,835
|
33,670
|
||||
1,97,670
|
1,97,670
|
|||||
Co-Venturers’ Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
A
|
B
|
Particulars
|
A
|
B
|
||
Joint Venture A/c | – |
8,970
|
Joint Bank A/c |
1,20,000
|
80,000
|
||
Joint Bank A/c (Balancing figure) |
1,38,835
|
89,865
|
Joint Venture A/c (Expenses) |
2,000
|
2,000
|
||
Joint Venture A/c (Profit) |
16,835
|
16,835
|
|||||
1,38,835
|
98,835
|
1,38,835
|
98,835
|
||||
Joint Bank Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
A |
1,20,000
|
Joint Venture A/c |
1,60,000
|
||
B |
80,000
|
A (Final Payment) |
1,38,835
|
||
Joint Venture A/c (Claim) |
1,200
|
B (Final Payment) |
89,865
|
||
Joint Venture A/c |
1,87,500
|
||||
3,88,700
|
3,88,700
|
||||
WN 1: Calculation of Unsold Stock
WN 2: Calculation of Insurance Claim
Answer:
Calculation of Abnormal Loss
Calculation of Unsold Stock
Page No 1.72:
Question 31:
Calculation of Abnormal Loss
Calculation of Unsold Stock
Answer:
Joint Venture Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Bank A/c (Materials) | 2,00,000 | Joint Bank A/c (Part of Contract Price) | 8,00,000 | ||
Joint Bank A/c (Wages) | 1,50,000 | Shares A/c (Part of Contract Price) | 2,00,000 | ||
Joint Bank A/c (Expenses) | 1,25,000 | T (Stock taken over) | 1,00,000 | ||
S (Supplied Material) | 1,25,000 | ||||
Shares A/c (Loss on Shares) | 26,000 | ||||
Profit on Joint Venture | 4,74,000 | ||||
11,00,000 | 11,00,000 | ||||
Shares Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 2,00,000 | W | 1,74,000 | ||
Joint Venture A/c (Loss on Shares) | 26,000 | ||||
2,00,000 | 2,00,000 | ||||
Page No 1.72:
Question 32:
Joint Venture Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs |
Particulars | Amount Rs |
||
Joint Bank A/c (Materials) | 2,00,000 | Joint Bank A/c (Part of Contract Price) | 8,00,000 | ||
Joint Bank A/c (Wages) | 1,50,000 | Shares A/c (Part of Contract Price) | 2,00,000 | ||
Joint Bank A/c (Expenses) | 1,25,000 | T (Stock taken over) | 1,00,000 | ||
S (Supplied Material) | 1,25,000 | ||||
Shares A/c (Loss on Shares) | 26,000 | ||||
Profit on Joint Venture | 4,74,000 | ||||
11,00,000 | 11,00,000 | ||||
Shares Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 2,00,000 | W | 1,74,000 | ||
Joint Venture A/c (Loss on Shares) | 26,000 | ||||
2,00,000 | 2,00,000 | ||||
Answer:
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Joint Bank A/c (Wages) | 90,000 | Joint Bank A/c (Part of Contract Price) | 2,40,000 | |||
Joint Bank A/c (Materials) | 2,10,000 | Shares A/c (Part of Contract Price) | 1,10,000 | |||
Y (Supplied Materials) | 27,000 | Y (Stock taken over) | 9,000 | |||
X (Engineer’s Fee) | 6,000 | Loss transferred to: | ||||
Shares A/c (Loss on Shares) | 62,000 |
X
|
24,000 | |||
Y
|
12,000 | 36,000 | ||||
3,95,000 | 3,95,000 | |||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | X | Y | Particulars | X | Y | ||
Joint Venture A/c (Shares taken) | 48,000 | Joint Bank A/c | 75,000 | 50,000 | |||
Joint Venture A/c (Stock taken) | 9,000 | Joint Venture A/c (Fees) | 6,000 | ||||
Joint Venture A/c (Loss) | 24,000 | 12,000 | Joint Venture A/c (Materials) | 27,000 | |||
Joint Bank A/c (Balancing figure) | 9,000 | 56,000 | |||||
81,000 | 77,000 | 81,000 | 77,000 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs |
||
X | 75,000 | Joint Venture A/c (Wages and Materials) | 3,00,000 | ||
Y | 50,000 | X (Final Payment) | 9,000 | ||
Joint Venture A/c (Part of Contract Price) | 2,40,000 | Y (Final Payment) | 56,000 | ||
3,65,000 | 3,65,000 | ||||
Shares Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 1,10,000 | X | 48,000 | ||
Joint Venture A/c (Loss on Shares) | 62,000 | ||||
1,10,000 | 1,10,000 | ||||
Page No 1.73:
Question 33:
Joint Venture Account | ||||||
Dr. | Cr. | |||||
Particulars | Amount Rs |
Particulars | Amount Rs |
|||
Joint Bank A/c (Wages) | 90,000 | Joint Bank A/c (Part of Contract Price) | 2,40,000 | |||
Joint Bank A/c (Materials) | 2,10,000 | Shares A/c (Part of Contract Price) | 1,10,000 | |||
Y (Supplied Materials) | 27,000 | Y (Stock taken over) | 9,000 | |||
X (Engineer’s Fee) | 6,000 | Loss transferred to: | ||||
Shares A/c (Loss on Shares) | 62,000 |
X
|
24,000 | |||
Y
|
12,000 | 36,000 | ||||
3,95,000 | 3,95,000 | |||||
Co-Venturers’ Account | |||||||
Dr. | Cr. | ||||||
Particulars | X | Y | Particulars | X | Y | ||
Joint Venture A/c (Shares taken) | 48,000 | Joint Bank A/c | 75,000 | 50,000 | |||
Joint Venture A/c (Stock taken) | 9,000 | Joint Venture A/c (Fees) | 6,000 | ||||
Joint Venture A/c (Loss) | 24,000 | 12,000 | Joint Venture A/c (Materials) | 27,000 | |||
Joint Bank A/c (Balancing figure) | 9,000 | 56,000 | |||||
81,000 | 77,000 | 81,000 | 77,000 | ||||
Joint Bank Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs |
||
X | 75,000 | Joint Venture A/c (Wages and Materials) | 3,00,000 | ||
Y | 50,000 | X (Final Payment) | 9,000 | ||
Joint Venture A/c (Part of Contract Price) | 2,40,000 | Y (Final Payment) | 56,000 | ||
3,65,000 | 3,65,000 | ||||
Shares Account | |||||
Dr. | Cr. | ||||
Particulars | Amount Rs | Particulars | Amount Rs | ||
Joint Venture A/c | 1,10,000 | X | 48,000 | ||
Joint Venture A/c (Loss on Shares) | 62,000 | ||||
1,10,000 | 1,10,000 | ||||
Answer:
Memorandum Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Elder: | Larch (Sales) |
6,000
|
||||
Goods Supplied |
2,500
|
|||||
Expenses |
200
|
2,700
|
||||
Larch: | ||||||
Goods Supplied |
2,000
|
|||||
Expenses |
150
|
|||||
Commission |
300
|
2,450
|
||||
Profit transferred to: | ||||||
Elder |
425
|
|||||
Larch |
425
|
850
|
||||
6,000
|
6,000
|
|||||
Elder’s Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Joint Venture with Larch A/c | Dr. |
2,500
|
||
|
To Purchases A/c |
2,500
|
|||
|
(Goods supplied for joint venture) | ||||
|
|||||
|
Joint Venture with Larch A/c | Dr. |
200
|
||
|
To Bank A/c |
200
|
|||
|
(Expenses paid) | ||||
|
|||||
|
Joint Venture with Larch A/c | Dr. |
425
|
||
|
To Profit and Loss A/c |
425
|
|||
|
(Profit made on joint venture) | ||||
|
|||||
|
Bank A/c | Dr. |
3,125
|
||
|
To Joint Venture with Larch A/c |
3,125
|
|||
|
(Final payment received) | ||||
|
Larch’s Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Joint Venture with Elder A/c | Dr. |
2,000
|
||
|
To Purchases A/c |
2,000
|
|||
|
(Goods supplied for joint venture) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
150
|
||
|
To Bank A/c |
150
|
|||
|
(Expenses paid) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
300
|
||
|
To Commission A/c |
300
|
|||
|
(Commission received) | ||||
|
|||||
|
Bank A/c | Dr. |
6,000
|
||
|
To Joint Venture with Elder A/c |
6,000
|
|||
|
(Goods sold) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
425
|
||
|
To Profit and Loss A/c |
425
|
|||
|
(Profit made) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
3,125
|
||
|
To Bank A/c |
3,125
|
|||
|
(Final payment made) | ||||
|
Page No 1.73:
Question 34:
Memorandum Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Elder: | Larch (Sales) |
6,000
|
||||
Goods Supplied |
2,500
|
|||||
Expenses |
200
|
2,700
|
||||
Larch: | ||||||
Goods Supplied |
2,000
|
|||||
Expenses |
150
|
|||||
Commission |
300
|
2,450
|
||||
Profit transferred to: | ||||||
Elder |
425
|
|||||
Larch |
425
|
850
|
||||
6,000
|
6,000
|
|||||
Elder’s Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Joint Venture with Larch A/c | Dr. |
2,500
|
||
|
To Purchases A/c |
2,500
|
|||
|
(Goods supplied for joint venture) | ||||
|
|||||
|
Joint Venture with Larch A/c | Dr. |
200
|
||
|
To Bank A/c |
200
|
|||
|
(Expenses paid) | ||||
|
|||||
|
Joint Venture with Larch A/c | Dr. |
425
|
||
|
To Profit and Loss A/c |
425
|
|||
|
(Profit made on joint venture) | ||||
|
|||||
|
Bank A/c | Dr. |
3,125
|
||
|
To Joint Venture with Larch A/c |
3,125
|
|||
|
(Final payment received) | ||||
|
Larch’s Journal
|
|||||
Date
|
Particulars
|
L.F.
|
Debit
Amount
(Rs)
|
Credit
Amount
(Rs)
|
|
|
Joint Venture with Elder A/c | Dr. |
2,000
|
||
|
To Purchases A/c |
2,000
|
|||
|
(Goods supplied for joint venture) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
150
|
||
|
To Bank A/c |
150
|
|||
|
(Expenses paid) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
300
|
||
|
To Commission A/c |
300
|
|||
|
(Commission received) | ||||
|
|||||
|
Bank A/c | Dr. |
6,000
|
||
|
To Joint Venture with Elder A/c |
6,000
|
|||
|
(Goods sold) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
425
|
||
|
To Profit and Loss A/c |
425
|
|||
|
(Profit made) | ||||
|
|||||
|
Joint Venture with Elder A/c | Dr. |
3,125
|
||
|
To Bank A/c |
3,125
|
|||
|
(Final payment made) | ||||
|
Answer:
Memorandum Joint Venture Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||
Ramesh: | Ramesh (Sales) |
1,00,000
|
|||||
Purchases |
45,000
|
||||||
Repairs |
3,000
|
48,000
|
|||||
Mahesh: | |||||||
Purchases |
5,000
|
||||||
Rent |
1,500
|
||||||
Insurance |
2,000
|
8,500
|
|||||
Profit transferred to: | |||||||
Ramesh |
21,750
|
||||||
Mahesh |
21,750
|
43,500
|
|||||
1,00,000
|
1,00,000
|
||||||
Joint Venture with Mahesh Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Advance) |
15,000
|
Cash A/c (Sales) |
1,00,000
|
||
Cash A/c (Purchases) |
45,000
|
||||
Cash A/c (Repairs) |
3,000
|
||||
Profit and Loss A/c (Share of Profit) |
21,750
|
||||
Cash A/c (Final settlement) (Balancing Figure) |
15,250
|
||||
1,00,000
|
1,00,000
|
||||
Joint Venture with Ramesh Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
5,000
|
Cash A/c (Advance) |
15,000
|
||
Cash A/c (Rent) |
1,500
|
Cash A/c (Final settlement) (Balancing Figure) |
15,250
|
||
Cash A/c (Insurance) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
21,750
|
||||
30,250
|
30,250
|
||||
Page No 1.73:
Question 35:
Memorandum Joint Venture Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||
Ramesh: | Ramesh (Sales) |
1,00,000
|
|||||
Purchases |
45,000
|
||||||
Repairs |
3,000
|
48,000
|
|||||
Mahesh: | |||||||
Purchases |
5,000
|
||||||
Rent |
1,500
|
||||||
Insurance |
2,000
|
8,500
|
|||||
Profit transferred to: | |||||||
Ramesh |
21,750
|
||||||
Mahesh |
21,750
|
43,500
|
|||||
1,00,000
|
1,00,000
|
||||||
Joint Venture with Mahesh Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Advance) |
15,000
|
Cash A/c (Sales) |
1,00,000
|
||
Cash A/c (Purchases) |
45,000
|
||||
Cash A/c (Repairs) |
3,000
|
||||
Profit and Loss A/c (Share of Profit) |
21,750
|
||||
Cash A/c (Final settlement) (Balancing Figure) |
15,250
|
||||
1,00,000
|
1,00,000
|
||||
Joint Venture with Ramesh Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
5,000
|
Cash A/c (Advance) |
15,000
|
||
Cash A/c (Rent) |
1,500
|
Cash A/c (Final settlement) (Balancing Figure) |
15,250
|
||
Cash A/c (Insurance) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
21,750
|
||||
30,250
|
30,250
|
||||
Answer:
Memorandum Joint Venture Account
|
|||||||||
Dr. |
Cr.
|
||||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||||
David: | Khosla: | ||||||||
Purchases |
1,60,000
|
Sales |
2,40,000
|
||||||
Expenses incurred |
60,000
|
Car |
50,000
|
2,90,000
|
|||||
Transportation |
5,000
|
2,25,000
|
|||||||
Khosla: | |||||||||
Insurance |
1,000
|
||||||||
Garage Rent |
2,000
|
||||||||
Brokerage |
2,000
|
||||||||
Sundry Expenses |
400
|
5,400
|
|||||||
Profit transferred to: | |||||||||
David |
29,800
|
||||||||
Khosla |
29,800
|
59,600
|
|||||||
2,90,000
|
2,90,000
|
||||||||
Joint Venture with David Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Remittance) |
1,50,000
|
Cash A/c (Sales) |
2,40,000
|
||
Cash A/c (Insurance) |
1,000
|
Stock A/c (Car) |
50,000
|
||
Cash A/c (Garage Rent) |
2,000
|
||||
Cash A/c (Brokerage) |
2,000
|
||||
Cash A/c (Sundry Expenses) |
400
|
||||
Profit and Loss A/c (Share of Profit) |
29,800
|
||||
Cash A/c (Final settlement) (Balancing Figure) |
1,04,800
|
||||
2,90,000
|
2,90,000
|
||||
Page No 1.73:
Question 36:
Memorandum Joint Venture Account
|
|||||||||
Dr. |
Cr.
|
||||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||||
David: | Khosla: | ||||||||
Purchases |
1,60,000
|
Sales |
2,40,000
|
||||||
Expenses incurred |
60,000
|
Car |
50,000
|
2,90,000
|
|||||
Transportation |
5,000
|
2,25,000
|
|||||||
Khosla: | |||||||||
Insurance |
1,000
|
||||||||
Garage Rent |
2,000
|
||||||||
Brokerage |
2,000
|
||||||||
Sundry Expenses |
400
|
5,400
|
|||||||
Profit transferred to: | |||||||||
David |
29,800
|
||||||||
Khosla |
29,800
|
59,600
|
|||||||
2,90,000
|
2,90,000
|
||||||||
Joint Venture with David Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Remittance) |
1,50,000
|
Cash A/c (Sales) |
2,40,000
|
||
Cash A/c (Insurance) |
1,000
|
Stock A/c (Car) |
50,000
|
||
Cash A/c (Garage Rent) |
2,000
|
||||
Cash A/c (Brokerage) |
2,000
|
||||
Cash A/c (Sundry Expenses) |
400
|
||||
Profit and Loss A/c (Share of Profit) |
29,800
|
||||
Cash A/c (Final settlement) (Balancing Figure) |
1,04,800
|
||||
2,90,000
|
2,90,000
|
||||
Answer:
Memorandum Joint Venture Account
|
|||||||||
Dr. |
Cr.
|
||||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||||
Ram: | Mohan: | ||||||||
Purchases |
1,00,000
|
Sales |
2,00,000
|
||||||
Expenses |
6,000
|
Stock (Gifts) |
2,000
|
2,02,000
|
|||||
Insurance |
2,000
|
||||||||
Discount (1,00,0000 × 18% × 2/12) |
3,000
|
1,11,000
|
|||||||
Mohan: | |||||||||
Cartage |
3,000
|
||||||||
Rent |
5,000
|
||||||||
Advertisement |
5,000
|
13,000
|
|||||||
Profit transferred to: | |||||||||
Ram |
39,000
|
||||||||
Mohan |
39,000
|
78,000
|
|||||||
2,02,000
|
2,02,000
|
||||||||
Joint Venture with Mohan Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
1,00,000
|
Bills Receivable A/c |
1,00,000
|
||
Cash A/c (Expenses) |
6,000
|
Bank A/c (Final settlement) (Balancing Figure) |
50,000
|
||
Cash A/c (Discount) |
3,000
|
||||
Cash A/c (Insurance) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
39,000
|
||||
1,50,000
|
1,50,000
|
||||
Page No 1.74:
Question 37:
Memorandum Joint Venture Account
|
|||||||||
Dr. |
Cr.
|
||||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||||
Ram: | Mohan: | ||||||||
Purchases |
1,00,000
|
Sales |
2,00,000
|
||||||
Expenses |
6,000
|
Stock (Gifts) |
2,000
|
2,02,000
|
|||||
Insurance |
2,000
|
||||||||
Discount (1,00,0000 × 18% × 2/12) |
3,000
|
1,11,000
|
|||||||
Mohan: | |||||||||
Cartage |
3,000
|
||||||||
Rent |
5,000
|
||||||||
Advertisement |
5,000
|
13,000
|
|||||||
Profit transferred to: | |||||||||
Ram |
39,000
|
||||||||
Mohan |
39,000
|
78,000
|
|||||||
2,02,000
|
2,02,000
|
||||||||
Joint Venture with Mohan Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
1,00,000
|
Bills Receivable A/c |
1,00,000
|
||
Cash A/c (Expenses) |
6,000
|
Bank A/c (Final settlement) (Balancing Figure) |
50,000
|
||
Cash A/c (Discount) |
3,000
|
||||
Cash A/c (Insurance) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
39,000
|
||||
1,50,000
|
1,50,000
|
||||
Answer:
Memorandum Joint Venture Account
|
||||||||
Dr. |
Cr.
|
|||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||||
A: | B: | |||||||
Purchases |
50,000
|
Sales |
72,000
|
|||||
Interest on Capital |
500
|
Stock |
300
|
72,300
|
||||
Discount |
260
|
A (Stock) |
200
|
|||||
Carriage |
250
|
|||||||
Brokerage |
100
|
|||||||
Miscellaneous Expenses |
50
|
51,160
|
||||||
B: | ||||||||
Commission |
300
|
|||||||
Insurance |
200
|
|||||||
Misc. Expenses |
100
|
600
|
||||||
Profit transferred to: | ||||||||
A |
10,370
|
|||||||
B |
10,370
|
20,740
|
||||||
72,500
|
72,500
|
|||||||
Joint Venture with B Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Interest on Capital) |
500
|
Bills Receivable |
20,000
|
||
Cash A/c (Material) |
50,000
|
Stock |
200
|
||
Cash A/c (Discount) |
260
|
Bank A/c (Final settlement) (Balancing Figure) |
41,330
|
||
Cash A/c (Carriage) |
250
|
||||
Cash A/c (Brokerage) |
100
|
||||
Cash A/c (Miscellaneous Expenses) |
50
|
||||
Profit and Loss A/c (Share of Profit) |
10,370
|
||||
61,530
|
61,530
|
||||
Joint Venture with A Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Bills Payable |
20,000
|
Cash A/c (Sales) |
72,000
|
||
Cash A/c (Commission) |
300
|
Stock |
300
|
||
Cash A/c (Insurance) |
200
|
||||
Cash A/c (Miscellaneous Expenses) |
100
|
||||
Profit and Loss A/c (Share of Profit) |
10,370
|
||||
Bank A/c (Final settlement) (Balancing Figure) |
41,330
|
||||
72,300
|
72,300
|
||||
Page No 1.74:
Question 38:
Memorandum Joint Venture Account
|
||||||||
Dr. |
Cr.
|
|||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||||
A: | B: | |||||||
Purchases |
50,000
|
Sales |
72,000
|
|||||
Interest on Capital |
500
|
Stock |
300
|
72,300
|
||||
Discount |
260
|
A (Stock) |
200
|
|||||
Carriage |
250
|
|||||||
Brokerage |
100
|
|||||||
Miscellaneous Expenses |
50
|
51,160
|
||||||
B: | ||||||||
Commission |
300
|
|||||||
Insurance |
200
|
|||||||
Misc. Expenses |
100
|
600
|
||||||
Profit transferred to: | ||||||||
A |
10,370
|
|||||||
B |
10,370
|
20,740
|
||||||
72,500
|
72,500
|
|||||||
Joint Venture with B Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Interest on Capital) |
500
|
Bills Receivable |
20,000
|
||
Cash A/c (Material) |
50,000
|
Stock |
200
|
||
Cash A/c (Discount) |
260
|
Bank A/c (Final settlement) (Balancing Figure) |
41,330
|
||
Cash A/c (Carriage) |
250
|
||||
Cash A/c (Brokerage) |
100
|
||||
Cash A/c (Miscellaneous Expenses) |
50
|
||||
Profit and Loss A/c (Share of Profit) |
10,370
|
||||
61,530
|
61,530
|
||||
Joint Venture with A Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Bills Payable |
20,000
|
Cash A/c (Sales) |
72,000
|
||
Cash A/c (Commission) |
300
|
Stock |
300
|
||
Cash A/c (Insurance) |
200
|
||||
Cash A/c (Miscellaneous Expenses) |
100
|
||||
Profit and Loss A/c (Share of Profit) |
10,370
|
||||
Bank A/c (Final settlement) (Balancing Figure) |
41,330
|
||||
72,300
|
72,300
|
||||
Answer:
Memorandum Joint Venture Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||
A: | B (Sale Proceeds) |
54,000
|
|||||
Purchases |
66,000
|
C (Sale Proceeds) |
48,000
|
||||
Packaging and Transportation |
3,000
|
69,000
|
A (Unsold Stock) |
11,000
|
|||
B: | |||||||
Salary (200 × 10) |
2,000
|
||||||
Rent (400 × 10) |
4,000
|
6,000
|
|||||
C: Salary (200 × 10) |
2,000
|
||||||
Profit transferred to: | |||||||
A |
12,000
|
||||||
B |
12,000
|
||||||
C |
12,000
|
36,000
|
|||||
1,13,000
|
1,13,000
|
||||||
Joint Venture with B & C Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
66,000
|
Cash A/c (Received from B) |
28,000
|
||
Cash A/c (Packaging Expenses) |
3,000
|
Cash A/c (Received from C) |
28,000
|
||
Profit and Loss A/c (Share of Profit) |
12,000
|
C ash A/c (Received from B) |
30,000
|
||
Balance c/d (Final settlement) (Balancing Figure) |
24,000
|
Cash A/c (Received from C) |
8,000
|
||
Stock A/c (Return) |
11,000
|
||||
1,05,000
|
1,05,000
|
||||
Joint Venture with A & C Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Paid to A) |
28,000
|
Cash A/c (Sales) |
54,000
|
||
Cash A/c (Paid to A) |
30,000
|
Balance c/d (Final settlement) (Balancing Figure) |
22,000
|
||
Cash A/c (Rent) |
4,000
|
||||
Cash A/c (Salary) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
12,000
|
||||
76,000
|
76,000
|
||||
Joint Venture with A & B Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Paid to A) |
28,000
|
Cash A/c (Sales) |
48,000
|
||
Cash A/c (Paid to A) |
8,000
|
Balance c/d (Final settlement) (Balancing Figure) |
2,000
|
||
Cash A/c (Salary) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
12,000
|
||||
50,000
|
50,000
|
||||
Page No 1.74:
Question 39:
Memorandum Joint Venture Account
|
|||||||
Dr. |
Cr.
|
||||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||||
A: | B (Sale Proceeds) |
54,000
|
|||||
Purchases |
66,000
|
C (Sale Proceeds) |
48,000
|
||||
Packaging and Transportation |
3,000
|
69,000
|
A (Unsold Stock) |
11,000
|
|||
B: | |||||||
Salary (200 × 10) |
2,000
|
||||||
Rent (400 × 10) |
4,000
|
6,000
|
|||||
C: Salary (200 × 10) |
2,000
|
||||||
Profit transferred to: | |||||||
A |
12,000
|
||||||
B |
12,000
|
||||||
C |
12,000
|
36,000
|
|||||
1,13,000
|
1,13,000
|
||||||
Joint Venture with B & C Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Purchases) |
66,000
|
Cash A/c (Received from B) |
28,000
|
||
Cash A/c (Packaging Expenses) |
3,000
|
Cash A/c (Received from C) |
28,000
|
||
Profit and Loss A/c (Share of Profit) |
12,000
|
C ash A/c (Received from B) |
30,000
|
||
Balance c/d (Final settlement) (Balancing Figure) |
24,000
|
Cash A/c (Received from C) |
8,000
|
||
Stock A/c (Return) |
11,000
|
||||
1,05,000
|
1,05,000
|
||||
Joint Venture with A & C Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Paid to A) |
28,000
|
Cash A/c (Sales) |
54,000
|
||
Cash A/c (Paid to A) |
30,000
|
Balance c/d (Final settlement) (Balancing Figure) |
22,000
|
||
Cash A/c (Rent) |
4,000
|
||||
Cash A/c (Salary) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
12,000
|
||||
76,000
|
76,000
|
||||
Joint Venture with A & B Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c (Paid to A) |
28,000
|
Cash A/c (Sales) |
48,000
|
||
Cash A/c (Paid to A) |
8,000
|
Balance c/d (Final settlement) (Balancing Figure) |
2,000
|
||
Cash A/c (Salary) |
2,000
|
||||
Profit and Loss A/c (Share of Profit) |
12,000
|
||||
50,000
|
50,000
|
||||
Answer:
Joint Venture Account
|
||||||
Dr. |
Cr.
|
|||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
|||
Cash A/c (Construction of Plan) |
70,000
|
Z (Material) |
2,70,000
|
|||
Cash A/c (Machinery) |
8,00,000
|
Z (Instrument) |
1,30,000
|
|||
Joint Bank A/c (Instrument) |
5,00,000
|
X (Machine) |
1,50,000
|
|||
X (Truck) |
5,00,000
|
Y (Truck) |
4,50,000
|
|||
Joint Bank A/c (Material) |
27,30,000
|
Y (1/5th Share) |
13,20,000
|
|||
Joint Bank A/c (Wages) |
6,70,000
|
Joint Bank A/c ( 4/5th of Contract Price) |
40,00,000
|
|||
Profit transferred to: | ||||||
X |
3,50,000
|
|||||
Y |
3,50,000
|
|||||
Z |
3,50,000
|
10,50,000
|
||||
63,20,000
|
63,20,000
|
|||||
Co-Venturers’ Account
|
|||||||||
Dr. |
Cr.
|
||||||||
Particulars
|
X
|
Y
|
Z
|
Particulars
|
X
|
Y
|
Z
|
||
Joint Venture A/c |
6,00,000
|
13,20,000
|
4,00,000
|
Cash A/c |
5,00,000
|
7,00,000
|
10,00,000
|
||
Joint Bank A/c (Balancing figure) |
7,50,000
|
9,50,000
|
Joint Venture A/c |
3,50,000
|
3,50,000
|
3,50,000
|
|||
Joint Venture A/c |
5,00,000
|
||||||||
Joint Venture A/c (Balancing figure) |
2,70,000
|
||||||||
13,50,000
|
13,20,000
|
13,50,000
|
13,50,000
|
13,20,000
|
13,50,000
|
||||
Joint Bank Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
Cash A/c |
13,30,000
|
Joint Venture A/c |
5,00,000
|
||
Joint Venture A/c |
40,00,000
|
Joint Bank A/c |
34,00,000
|
||
Y |
2,70,000
|
X |
7,50,000
|
||
Z |
9,50,000
|
||||
56,00,000
|
56,00,000
|
||||
Cash Account
|
|||||
Dr. |
Cr.
|
||||
Particulars
|
Amount
Rs
|
Particulars
|
Amount
Rs
|
||
X |
5,00,000
|
Joint Bank A/c |
13,30,000
|
||
Y |
7,00,000
|
Joint Venture A/c |
8,70,000
|
||
Z |
10,00,000
|
||||
22,00,000
|
22,00,000
|
||||
View NCERT Solutions for all chapters of Class 15