Commi ILLUSTRATION 24. 2003 0 Amul and Pamul entered into a joint venture agreement to share the profits and losses in the ratio of 3 : 2. Amul supplied goods worth 2,40,000 to Pamul incurring expenses amounting to 7,500 for freight and insurance. During transit, goods costing 340,000 were damaged and a sum of *28,000 was recovered from the Insurance Company. Pamul reported that 85% of the remaining goods were sold at a profit of 25% on their original cost. Towards the end of the venture a fire occurred and as a result , the balance stock lying unsold with Pamul was damaged. The goods were not insured and Pamul agreed to compensate Amul 75% of the aggregate of the original cost of such goods plus proportionate expenses incurred by Amul. Apart from joint venture share of profits, Pamul was also entitled under the agreement to a commission of 4% of the net profits of joint venture after charging such commission. Selling expenses incurred by Pamul totalled 32,500. Pamul had earlier remitted an advance of 345,000. Pamul duly paid the balance due to Amul by draft. You are required to prepare in Amul's books: (1) Joint Venture Account (2) Pamul's Account (round off to the nearest )