Sudeep and Darshan undertook on 1-1-2019, the construction of a building for A20,00,000 to be completed within one year. On the same day Sudeep brought A5,00,000 and Darshan A8,00,000 which were deposited in a joint bank account. They agree to share profit in the ratio of 2:3. Interest on capital should be provided at 5% p.a. They spent A7,00,000 for materials, A2,80,000 for wages and A1,60,000 for plant and machinery. Sudeep paid A30,000 to architect. The contract was com- pleted on 31-12-2019. Eliminate 20% depreciation on machinery the received money for the construction work walkthrough of machine tool. Prepare Joint Venture A/c, Joint Bank A/c and Co-Venturers A/c.
Sudeep and Darshan undertook on 1-1-2019, the construction of a building for A20,00,000 to be completed within one year. On the same day Sudeep brought A5,00,000 and Darshan A8,00,000 which were deposited in a joint bank account. They agree to share profit in the ratio of 2:3. Interest on capital should be provided at 5% p.a. They spent A7,00,000 for materials, A2,80,000 for wages and A1,60,000 for plant and machinery. Sudeep paid A30,000 to architect. The contract was com- pleted on 31-12-2019. Eliminate 20% depreciation on machinery the received money for the construction work walkthrough of machine tool. Prepare Joint Venture A/c, Joint Bank A/c and Co-Venturers A/c.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Sudeep and Darshan undertook on 1-1-2019, the construction of a
building for A20,00,000 to be completed within one year. On the same
day Sudeep brought A5,00,000 and Darshan A8,00,000 which were
deposited in a joint bank account.
They agree to share profit in the ratio of 2:3. Interest on capital should be
provided at 5% p.a. They spent A7,00,000 for materials, A2,80,000 for
wages and A1,60,000 for plant and machinery. Sudeep paid A30,000 to
architect. The contract was com-
pleted on 31-12-2019.
Eliminate 20% depreciation on machinery the received money for the
construction work walkthrough of machine tool.
Prepare Joint Venture A/c, Joint Bank A/c and Co-Venturers A/c.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe70f5d76-5d3b-4f4f-8f7a-4ce6fab81e4f%2F8ecfd361-a09c-4b95-9b9c-7aabe51325c0%2Fnikffni_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sudeep and Darshan undertook on 1-1-2019, the construction of a
building for A20,00,000 to be completed within one year. On the same
day Sudeep brought A5,00,000 and Darshan A8,00,000 which were
deposited in a joint bank account.
They agree to share profit in the ratio of 2:3. Interest on capital should be
provided at 5% p.a. They spent A7,00,000 for materials, A2,80,000 for
wages and A1,60,000 for plant and machinery. Sudeep paid A30,000 to
architect. The contract was com-
pleted on 31-12-2019.
Eliminate 20% depreciation on machinery the received money for the
construction work walkthrough of machine tool.
Prepare Joint Venture A/c, Joint Bank A/c and Co-Venturers A/c.
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