1. Madhav and Pranav entered into a joint venture to buy and sell fire crackers in the Diwali festival and share the profit or loss in the ratio of 3:2 respectively. Madhav contributed Rs. 20000 and the amount was deposited in a bank a/c. They purchased firecrackers of different varieties and types worth Rs. 40000 and paid for them from the Joint Bank A/c. Madhav paid rent of shop of Rs. 500 from his private cash. Pranav spent Rs. 400 on various minor expenses from his pocket. All the firecrackers except firecrackers worth Rs. 1000 were sold in the shop for Rs. 70,000 and amount so callected was deposited into the joint bank. Remaining firecrackers were taken over by Madhav and Pranav for Rs. 450 and Rs. 400 respectively. Prepare the joint venture a/c, coventurers a/c and joint bank account. 2. Patil and Pandit entered into a Joint venture to purchase and sale of computers. They share profits and losses in the proportion of 1:2, Patil contributed Rs. 8,00,000 and Pandit R
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