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
|