A and B entered into a Joint venture agreeing to share Profits and Losses in the ratio of 4:1 respectively. A provides goods from his stock at an agreed value of Rs.10,000/-. He pays expenses amounting to Rs.1, 000/-. B sells a part of the goods for Rs.15, 000/- and pays Rs.2, 000/- towards freight and insurance. He also takes over the goods worth Rs.1,500/- for his personal use. The remaining goods are taken over by A at an agreed value of Rs. 1,000/. Prepare necessary Ledger accounts in the Books of A.
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A and B entered into a Joint venture agreeing to share Profits and
Losses in the ratio of 4:1 respectively. A provides goods from his stock at an
agreed value of Rs.10,000/-. He pays expenses amounting to Rs.1, 000/-. B
sells a part of the goods for Rs.15, 000/- and pays Rs.2, 000/- towards freight
and insurance. He also takes over the goods worth Rs.1,500/- for his personal
use. The remaining goods are taken over by A at an agreed value of Rs. 1,000/.
Prepare necessary Ledger accounts in the Books of A.
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And one more sir that how to find out profits and loses in question after reading
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Sir if more than 2 co-ventures are present how will record their contribution, expenses, purchases, in joint venture account
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Explain accounts from incomplete records
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Degree 2nd sem
Accounts from incomplete records
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