D of Delhi and B of Bombay entered into a joint venture for the purpose of buying and selling second hand typewriters; B agreed to make purchases and D to effect sales. The profit and loss was to be shared equally by D and B. A sum of Rs. 15,000 was remitted by D towards the venture. B purchased 20 old typewriters for Rs.15,000 and paid Rs.9,000 for their reconditioning and sent them to Delhi. His other expenses were: buying commission Rs. 1,000; Cartage Rs.200 and miscellaneous expenses Rs. 100. D took delivery of typewriters and paid Rs.270 for Octroi and Rs. 100 for Cartage. D sold 12 typewriters at Rs. 2,000 each; 4 typewriters at Rs. 2,100 each and 3 typewriters at Rs. 2,000 each. He retained the remaining typewriter for his personal use at an agreed value of Rs. 1,500. His other expenses were Insurance Rs. 250; Rent Rs. 400; Brokerage Rs. 1,200 and Miscellaneous Expenses Rs.200. Each party’s ledger contains a record of his own transactions on joint account. Prepare a statement showing the result of the venture and the account of the venture in D’s Ledger as it will finally appear,
D of Delhi and B of Bombay entered into a joint venture for the purpose of buying and selling second hand typewriters;
B agreed to make purchases and D to effect sales. The
He retained the remaining typewriter for his personal use at an agreed value of Rs. 1,500. His other expenses were Insurance Rs. 250; Rent Rs. 400; Brokerage Rs. 1,200 and Miscellaneous Expenses Rs.200. Each party’s ledger contains a record of his own transactions on joint account.
Prepare a statement showing the result of the venture and the account of the venture in D’s Ledger as it will finally appear,
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