Dr. 940 Cr. Joint Venture Account Date Particulars Date Particulars To Joint Bank Alc: By Joint Bank Alc (Cash received) 3,00,000 Salary 1,00,000 By Co-venturers' Ales Materials Purchased 2,00,000 3,00,000 Ram (Shares taken over 1,70,000 To Co-venturers'Alcs: Ravan (Materials taken over) 15,000 1,85,000 Ram (Materials) 50,000 Ravan (Fees) 10,000 60,000 To Co-venturers' A/cs -- Share of Profit Ram 3/5th 75,000 Ravan 25th 50,000 1,25,000 4,85,000 4,85,000 Dr. Joint Bank Account Date Particulars Date Particulars To Co-venturers' A/cs: By Joint Venture Alc 3,00,000 Ram 3,00,000 By Co-venturers Alcs : Ravan 75,000 Ram 2.55,000 To Joint Venture Ac 3,00.000 Ravan 1.20,000 6,75.000 6,75,000 Co-venturers' Accounts Cr. Particulars Ram Ravan Date Particulars Ram Ravan To Joint Venture alc 1.70,000 15.000 By Joint Bank Alc 3,00,000 75,000 To Joint Bank Alc 2,55,000 1.20,000 By Joint Venture Alc (Expenses) 50,000 10,000 By Joint Venture Alc (Profit) 75,000 50,000 4.25.000 1,35,000 4,25,000 1.35,000 Illustration 3 SD and SG entered into a joint venture to construct a building for a new company. Profits and losses were to be shared in the ratio of 3:2. S D invested : 2,00,000 and SG 1,00,000. The money was deposited to a joint bank account with arrangement of overdraft. S D also supplied materials valued 35,000 and SG paid the architect's fees 15,000. SG also supplied a machine valued 25,000. Building materials valued 4,00,000 and wages of 3 1,00,000 were met from the Joint Bank Account On completion of the construction, the company paid 8,00,000 out of which ? 4,00,000 was in cash (deposited into Joint Bank Account) and the balance of 4,00,000 was in fully paid shares of 10 each. These shares were sold at 9.50 each and the proceeds taken by S D and SG in the ratio of 3:1. The machine supplied by SG was taken back by him at an agreed value of 15,000.Bank charged interest ? 1,000 for the overdraft. Prepare necessary Ledger Accounts. Dr. Date