Question
) P and Q entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose P put L
) P and Q entered into a joint venture to construct a house for a price of L 8,00,000. For this purpose P put L 2,00,000 and Q L 1,50,000 into joint bank A/c opened for this purpose. The payments as follows : Materials L 60,000 Salary & wages L 1,40,000 Plant & Machinery L 20,000 These payments were made from joint bank A/c, but in addition P supplied cement bags valued L10,000. The house was constructed and paid the contract price. The plant and machinery taken over by Q @ L 10,000 and unused materials was taken by P @ L 5,000. They shared the profit in the ratio of 2:1. Show 1) Joint venture A/c 2) Joint Bank A/c 3) Co-ventures A/c
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started