joint venture A and B entered in to Joint Venture


A and B entered in to Joint Venture to construct a building for X enterprises limited. The contract price was Rs. 2, 50,000. They opened joint bank account and deposited Rs. 1,20,000 and Rs. 60,000 respectively and agreed to share profits and losses in the ratio 3  : 2. The following transactions were made from Joint Bank A/c: Wages – Rs. 70,000 and Material purchases – Rs. 1,25,000. Apart from this A supplied material of Rs. 12,000 and B paid the architect fees of Rs. 2,500 on completion of construction. X enterprises Ltd. paid the full amount and unsold stock was taken over by B at an agreed value of Rs. 15,000. Prepare Joint venture A/c, Joint Bank A/c and Co – venturer’s A/c.

Solution: 

Journal entries in the books of Joint venture

Date
Particulars
Lf
Debit (Rs.)
Credit (Rs.)
? 1.
Joint Bank A/c ……… Dr.
To A's A/c
To B's A/c
[Being the initial contribution is made]

180000

120000
60000
2.
Joint venture A/c …… Dr.
To Joint Bank A/c
[Being the wages paid and material purchases]

195000

195000
3.
Joint venture A/c ……… Dr.
To A's A/c
[Being the material supplied]

12000

12000
4.
Joint venture A/c ……… Dr.
To B's A/c
[Being the architect fees paid]

2500

2500
5.
Joint bank A/c ……… Dr.
To Joint venture A/c
[Being the contract Price received]

250000

250000
6.
B's A/c ……… Dr.
To Joint venture A/c
[Being the unsold stock of goods taken over]

15000

15000
7.
Joint venture A/c ………… Dr.
To A's A/c
To B's A/c
[Being profit made on joint venture]

55000

33300
22200
8.
A's A/c ………… Dr.
B's A/c ………… Dr.
To Joint Bank A/c
[Being the final settlement is made]

165300
69700


235000

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