JOINT VENTURE QUESTION WITH ANSWER


Q.4.   Vishwanath of Satara and Kashinath of Ratnagiri entered into Joint Venture to consign 1,000 bags of rice to Veera Traders, Nerul to be sold on their joint risk which in ratio of 3: 2 respectively.
Vishwanath sent 800 bags of rice @ `.2,000 each paying carriage `. 8,500, insurance `. 2,500 and other expenses `. 1,500. Kashinath sent 200 bags of rice @ `. 2,100 each, paying carriage `. 7,500 and other expenses `. 1,500.
Kashinath received an advance of `.60,000 from Vishwanath on account of Venture. All the bags of rice were sold by Veera Traders for `. 29,50,000 out of which they deducted 2% for expenses and 3% for their commission on total sales. Veera Traders remitted `.15,00,000 to Vishwanath by Bank draft and the balance to Kashinath by  one month’s bill. Co- venturers settled their accounts.
          You are required to prepare necessary ledger A/c in the books of Vishwanath. (12)

In the books of Vishwanath
Joint Venture A/c
Particulars
`.
`.
Particulars
`.
`.
To Goods A/c

1600000
By Veera Traders A/c


To Cash/Bank A/c


Sales

2950000
Carriage
Insurance
Other Expenses
8500
2500
1500


12500



To Kashinath A/c





     Goods

420000



To Kashinath A/c





Carriage
7,500




Other Expenses
1,500
9,000



To Veera Traders A/c





 Expenses
59,000




Commission
88,500
147500



To Profit A/c
P & L A/c (3/5)
Kashinath A/c (2/5)

456600
304400


761000





2950000


2950000

Co-Venturer’s A/c (Kashinath A/c)
Particulars
`.
`.
Particulars
`.
`.
To Cash/ Bank A/c
To Veera Traders A/c

60000
1302500
By Joint Venture A/c
By Joint Venture A/c
By Joint Venture A/c
(Profit)
By Cash/ Bank A/c

420000
9000

304400
629100


1362500


1362500

Veera Trader’s A/c (Agent A/c)
Particulars
`.
Particulars
`.
To Joint Venture A/c
2950000
By Joint Venture A/c
By Bank A/c
By Kashinath A/c
147500
1500000
1302500

2950000

2950000

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