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Problem 1

The document contains accounting records for a joint venture between Rajeev and Varun. It includes journal entries for the joint venture account, joint bank account, Rajeev's account, and Varun's account. Key details include: - The joint venture purchased goods for Rs. 425,000 and had expenses of Rs. 15,000. Sales totaled Rs. 505,000. - Profits of Rs. 48,000 and Rs. 32,000 were distributed to Rajeev and Varun respectively. - Initial capital contributions to the joint bank account were Rs. 300,000 from Rajeev and Rs. 200,000 from Varun. Final payments back to each partner were Rs.

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92 views1 page

Problem 1

The document contains accounting records for a joint venture between Rajeev and Varun. It includes journal entries for the joint venture account, joint bank account, Rajeev's account, and Varun's account. Key details include: - The joint venture purchased goods for Rs. 425,000 and had expenses of Rs. 15,000. Sales totaled Rs. 505,000. - Profits of Rs. 48,000 and Rs. 32,000 were distributed to Rajeev and Varun respectively. - Initial capital contributions to the joint bank account were Rs. 300,000 from Rajeev and Rs. 200,000 from Varun. Final payments back to each partner were Rs.

Uploaded by

sanjivborb
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Chapter Name: - Joint Venture

Problem No. 1
Joint Venture Account
Dr. Cr.
Date Particulars JF Amount Date Particulars JF Amount
To Joint Bank a/c (Purchase) 425000 By Joint Bank a/c( Sales) 505000
To Joint Bank a/c (Expenses) 15000 By Varun a/c ( Stock Taken) 15000
To Rajeev a/c (Profit) 48000
To Varun a/c ( Profit) 32000
520000 520000

Joint Bank Account


Dr. Cr.
Date Particulars JF Amount Date Particulars JF Amount
To Rajeev a/c 300000 By Joint a/c (Purchase) 425000
To Varun a/c 200000 By Joint a/c (Expenses) 15000
To Joint Venture (Sale) 505000 By Rajeev a/c 348000
By Varun a/c 217000
1005000 1005000

Rajeev’s Account
Dr. Cr.
Date Particulars JF Amount Date Particulars JF Amount
To Joint Bank (Final Payment) 348000 By Joint Bank a/c 300000
By Joint Venture a/c ( Profit) 48000
348000 348000

Varun’s Account
Dr. Cr.
Date Particulars JF Amount Date Particulars JF Amount
To Joint Venture ( Stock Taken) 15000 By Joint Bank a/c 200000
To Joint Bank (Final Payment) 217000 By Joint Venture a/c ( Profit) 32000
232000 232000

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