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Sht & 2,37,750; Final remittance 5,09,625 cessary accounts in the books of Reena and Beena. 8. JA and B enter into a Joint Venture to take a building contract for ? 2,40,000. They provide the following information regarding the expenditure incurred by them : Materials Cement Wages Architect Fee Licence Fees 000'0s 000'LT 000'89 000'ET 10,000 000' 000'0, Plant Plant was valued at 7 10,000 at the end of the contract andB agreed to take it at that value. Contract amount of 7 2,40,000 was received by A. Show : (i) Joint Venture Account and B's Account in books of A; and (ii) Joint Venture Account anc A's Account in books of B

Sht & 2,37,750; Final remittance 5,09,625 cessary accounts in the books of Reena and Beena. 8. JA and B enter into a Joint Venture to take a building contract for ? 2,40,000. They provide the following information regarding the expenditure incurred by them : Materials Cement Wages Architect Fee Licence Fees 000'0s 000'LT 000'89 000'ET 10,000 000' 000'0, Plant Plant was valued at 7 10,000 at the end of the contract andB agreed to take it at that value. Contract amount of 7 2,40,000 was received by A. Show : (i) Joint Venture Account and B's Account in books of A; and (ii) Joint Venture Account anc A's Account in books of B

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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150 against Joint Venture. Beena received ? 8,00,000 of sale proceeds from Chandni who is ai oreign and paid the due amount to Reena through a bank draft. Fass necessary journal entries and open necessary accounts in the books of Reena and becha. Ans. Profit 7 2,37,750; Final remittance ? 5,09,625 8. JA and B enter into a Joint Venture to take a building contract for ? 2,40,000. They provide the following information regarding the expenditure incurred by them : FINANCIAL ACCOUNTING Preparation of 12. A, B and 7 60,000, bought goe sold Materials Cement Wages Architect Fee Licence Fees sales. The necessary Ans. Profi 000'89 000'ET 000'L 13. X, Y and Plant 000'0 Plant was valued at ? 10,000 at the end of the contract and B agreed to take it at that value. Contract amount of 7 2,40,000 was received by A. Show : (i) Joint Venture Account and B's Account in books of A; and (ii) Joint Venture Account and A's Account in books of B. they inve Account. to the ce 000'0 000° L7 000's 000'0 charged On 15th sales of of Suga Co-vent Make je Ans. Profit ? 40,000; Final remittance ? 1,29,000 9.) X of Katihar and Y of Hazaribagh entered into a Joint Venture to consign 2,000 quintal of rice to Z of Ranchi to be sold at their own risk. They share profits and losses in the ratio of 3 : 2 respectively. X sent 1,500 quintal of rice at 7 1,000 per quintal paying for freight and insurance ? 12,000. B sent 500 quintal at ? 1,200 per quintal and paid for freight and insurance ? 9,000. All the rice were sold by Z for ? 24,00,000, out of which he deducted 7 15,000 for selling expenses and his commission at 1% on sales. He sent a cheque for 7 17,00,000 to A and sight draft for the balance to Y. Make Journal Entries in the books of both the Co-venturers and prepare necessary accounts. Ans. Pr 14. A and Accour profits They 1 of 7 3 decide Prepɛ Ans. Profit ? 2,40,000; Final remittance ? 44,000 10. Seth Mahendra of Bhagalpur purchased 2,000 metre of Bhagalpuri Silk @ 7 90 per metre and sent to Seth Ashok of Patna to be sold on Joint Venture. Seth Mahendra spent on packing 7 3,500. Seth Ashok spent ? 7,000 on clearing. c00 Seth Mahenda drew a bill for 75,000, which was accepted by Seth Ashok. Seth Mahendra 000 discounted the bill for ? 74,000 with Bank. Seth Ashok sold 1,800 metre of Bhagalpur Silk @ ? 135 per metre and spent 3,780 as selling expenses. Remaining Bhagalpuri Silk was takenover by Seth Mahendra at Cost + 15%, Seth Ashok had to receive commission @ 10% on sales. The profit and loss was to be divided in the ratio of 4 :1 between Seth Mahendra and Seth Ashok respectively. Seth Ashok sent cheque to Seth Mahendra for balance due. Open necessary accounts in the books of both parties. Ans. Profit ? 42,470; Valuation of Stock taken by Mahendra ? 18,000 +7 350 + 400 = 7 19,050; Final remittance 7 1,24,426 ƏA- Ans. 15. Ashc элор Thes were Pur Hir Pay 11. John and Ali entered into a Joint Venture agreeing to share profits and losses in the ratio of 3 : 2. On 4th January, 2016, Ali purchased goods costing 7 60,000 and spent 7 2,000 as expenses. On the same date he sent to John part of these goods costing ? 40,000. On 7th February, 2016 John sent 7 30,000 to Ali. On 10th February, 2016 he purchased goods costing 50,000 and sent half of the goods to Ali. He paid 7 1,000 as carriage. Dl On 24th March, 2016 Ali sold most of the goods in his possession for 7 55,000 and remaining goods costing ? 3,000 were taken over by him at a agreed valuation of 7 .4,000. On April 18, 2016 John sold all the goods in his possession for ? 75,000 except some damaged goods costing 7 5,000 which it was agreed to be written off unsaleable. His selling expenses amounted to 7 2,000. On 30th-April, 2016, the amount required to settle the accounts between John and Ali was paid by appropriate party. Show the Joint Venture Account and John's Account in the books of Ali. Ans. Profit 7 19,000; Final remittence ? 19,400 Notes : (i) No entry is required for transfer of goods by Ali to John and also John to Ali. Pa Ga JO Ar go (ii) No entry is required for damaged goods for which nothing has been realised. rel
Transcribed Image Text:150 against Joint Venture. Beena received ? 8,00,000 of sale proceeds from Chandni who is ai oreign and paid the due amount to Reena through a bank draft. Fass necessary journal entries and open necessary accounts in the books of Reena and becha. Ans. Profit 7 2,37,750; Final remittance ? 5,09,625 8. JA and B enter into a Joint Venture to take a building contract for ? 2,40,000. They provide the following information regarding the expenditure incurred by them : FINANCIAL ACCOUNTING Preparation of 12. A, B and 7 60,000, bought goe sold Materials Cement Wages Architect Fee Licence Fees sales. The necessary Ans. Profi 000'89 000'ET 000'L 13. X, Y and Plant 000'0 Plant was valued at ? 10,000 at the end of the contract and B agreed to take it at that value. Contract amount of 7 2,40,000 was received by A. Show : (i) Joint Venture Account and B's Account in books of A; and (ii) Joint Venture Account and A's Account in books of B. they inve Account. to the ce 000'0 000° L7 000's 000'0 charged On 15th sales of of Suga Co-vent Make je Ans. Profit ? 40,000; Final remittance ? 1,29,000 9.) X of Katihar and Y of Hazaribagh entered into a Joint Venture to consign 2,000 quintal of rice to Z of Ranchi to be sold at their own risk. They share profits and losses in the ratio of 3 : 2 respectively. X sent 1,500 quintal of rice at 7 1,000 per quintal paying for freight and insurance ? 12,000. B sent 500 quintal at ? 1,200 per quintal and paid for freight and insurance ? 9,000. All the rice were sold by Z for ? 24,00,000, out of which he deducted 7 15,000 for selling expenses and his commission at 1% on sales. He sent a cheque for 7 17,00,000 to A and sight draft for the balance to Y. Make Journal Entries in the books of both the Co-venturers and prepare necessary accounts. Ans. Pr 14. A and Accour profits They 1 of 7 3 decide Prepɛ Ans. Profit ? 2,40,000; Final remittance ? 44,000 10. Seth Mahendra of Bhagalpur purchased 2,000 metre of Bhagalpuri Silk @ 7 90 per metre and sent to Seth Ashok of Patna to be sold on Joint Venture. Seth Mahendra spent on packing 7 3,500. Seth Ashok spent ? 7,000 on clearing. c00 Seth Mahenda drew a bill for 75,000, which was accepted by Seth Ashok. Seth Mahendra 000 discounted the bill for ? 74,000 with Bank. Seth Ashok sold 1,800 metre of Bhagalpur Silk @ ? 135 per metre and spent 3,780 as selling expenses. Remaining Bhagalpuri Silk was takenover by Seth Mahendra at Cost + 15%, Seth Ashok had to receive commission @ 10% on sales. The profit and loss was to be divided in the ratio of 4 :1 between Seth Mahendra and Seth Ashok respectively. Seth Ashok sent cheque to Seth Mahendra for balance due. Open necessary accounts in the books of both parties. Ans. Profit ? 42,470; Valuation of Stock taken by Mahendra ? 18,000 +7 350 + 400 = 7 19,050; Final remittance 7 1,24,426 ƏA- Ans. 15. Ashc элор Thes were Pur Hir Pay 11. John and Ali entered into a Joint Venture agreeing to share profits and losses in the ratio of 3 : 2. On 4th January, 2016, Ali purchased goods costing 7 60,000 and spent 7 2,000 as expenses. On the same date he sent to John part of these goods costing ? 40,000. On 7th February, 2016 John sent 7 30,000 to Ali. On 10th February, 2016 he purchased goods costing 50,000 and sent half of the goods to Ali. He paid 7 1,000 as carriage. Dl On 24th March, 2016 Ali sold most of the goods in his possession for 7 55,000 and remaining goods costing ? 3,000 were taken over by him at a agreed valuation of 7 .4,000. On April 18, 2016 John sold all the goods in his possession for ? 75,000 except some damaged goods costing 7 5,000 which it was agreed to be written off unsaleable. His selling expenses amounted to 7 2,000. On 30th-April, 2016, the amount required to settle the accounts between John and Ali was paid by appropriate party. Show the Joint Venture Account and John's Account in the books of Ali. Ans. Profit 7 19,000; Final remittence ? 19,400 Notes : (i) No entry is required for transfer of goods by Ali to John and also John to Ali. Pa Ga JO Ar go (ii) No entry is required for damaged goods for which nothing has been realised. rel
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