Seetha and Geetha undertook a work of construction of a building jointly. The construction price 30,00,000. A joint Bank A/c is opened and Seetha and Geetha deposited Rs. 8,00,000 and 5,00,000 respectively in connection with joint venture. They share the profit and losses in the ratio of 2:1. The transaction of joint ventures are as follows : a) Plant purchased Rs. 2,50,000. b) Materials purchased Rs. 15,00,000. c) Materials supplied by Seetha Rs. 50,000. d) Wages paid Rs. 4,00,000. e) Architects fees paid Rs. 30,000. The building was completed and the contract price duly received. Seetha takes up plant for Rs. 2,00,000 and Geetha takes up materials stock at Rs. 1,00,000. Prepare the following accounts : 1) Joint Venture Account 2) Venturers Accounts 3) Joint Bank Account
Seetha and Geetha undertook a work of construction of a building jointly. The construction price 30,00,000. A joint Bank A/c is opened and Seetha and Geetha deposited Rs. 8,00,000 and 5,00,000 respectively in connection with joint venture. They share the
a) Plant purchased Rs. 2,50,000.
b) Materials purchased Rs. 15,00,000.
c) Materials supplied by Seetha Rs. 50,000.
d) Wages paid Rs. 4,00,000.
e) Architects fees paid Rs. 30,000.
The building was completed and the contract price duly received. Seetha takes up plant for Rs. 2,00,000 and Geetha takes up materials stock at Rs. 1,00,000.
Prepare the following accounts :
1) Joint Venture Account
2) Venturers Accounts
3) Joint Bank Account
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