Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions took
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Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions took place:
Required:
Show the joint venture accounts in the books of the three parties. Show in full the workings needed to arrive at the profit on the venture. The profit or loss was to be split: Hill one-half; Rock 3/8, Pine 1/8.
Any outstanding balances between the parties were settled on 31 July.
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Related Book For
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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