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7. Swami, Bapat and Gupta jointly undertake to erect a theatre building for Arid Industries Ltd a price of Rs.5,00,000 to be paid as to
7. Swami, Bapat and Gupta jointly undertake to erect a theatre building for Arid Industries Ltd a price of Rs.5,00,000 to be paid as to Rs. 4,00,000 in cash in instalments and Rs. 1,00,000 in Debentures of the Company. They contribute Swamy Rs.60,000. Bapat Rs.75,000 and Gupta Rs.40,000. These amount are deposited in a joint banking account. Swami gets the plans prepared and pays Rs.7,000 architect's fees. Bapat brings in to the venture a concrete mixture of the value of Rs.25,000 and Gupta brings into the venture a motor truck of the value of Rs.20,000. On completion of the venture. Swamy takes over unused materials to the value of Rs 14,000. Bapat takes back the concrete mixture at a valuation of Rs.12,000 and Gupta takes back the motor truck at Rs.8,000. The plant is sold as scrap for Rs.6,000. When the contract price was fully received. Swamy took over the Debentures at a valuation of Rs.80,000. Show Joint Venture A/c Joint Bank A/c and the Accounts of the Venturers, after the fina
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