Date
|
Particulars
|
Lf
|
Debit (Rs.)
|
Credit (Rs.)
|
? 1.
|
Joint Bank A/c ………… Dr.
To x's A/c
To y's A/c
To z's A/c
[Being the initial contribution is made]
|
|
75000
|
25000
25000
25000
|
2.
|
Joint venture a/c ………… Dr.
To Joint bank a/c
[Being 5000 sq. m. of land @ Rs. 10 per square meter were purchased]
|
|
50000
|
5000
|
3.
|
Joint venture A/c ……… Dr.
To Joint Bank A/c
[Being the plan prepared & other expenses paid]
|
|
5500
|
5500
|
4.
|
Joint Bank A/c ……… Dr.
To Joint venture A/c
[Being 5 plots of 500 sq. m. each sold @ Rs. 15 per square meter]
|
|
37500
|
37500
|
5.
|
Joint Bank A/c ………… Dr.
To Joint venture A/c
[Being 3 plots of 500 sq. m. each sold @ Rs. 14 per sq. m.]
|
|
21000
|
21000
|
6.
|
Joint venture A/c ……… Dr.
To x's A/c
To Y's a/c
To Z's A/c
[Being the profit made on Joint venture]
|
|
3000
|
1000
1000
1000
|
7.
|
X's a/c ……… Dr..
Y's A/c ……… Dr.
Z's A/c ………Dr.
To Joint Bank A/c
[Being the final settlement is made]
|
|
26000
26000
26000
|
78000
|
Advertisement
Joint venture X,Y and Z entered into a Joint Venture to sell a certain plot of land.
X,Y and Z entered into a Joint Venture to sell a
certain plot of land. They contributed Rs. 25,000 each. They purchased land of
5,000 sq. m. at Rs. 10 per sq. m. 1/5th of the land was left over
for public roads and the balance was divided into 8 plots of equal size. A plan
was got prepared for Rs. 2,000 and other expenses were Rs. 3,500. 5 plots were
sold @ Rs, 15 per sq. m. and 3 plots were sold @ Rs. 14 per sq. m. Prepare
joint venture A/c Joint Bank A/c and Co – Venturer’s A/c. Pass journal entries.
Solution:
Journal Entries in the Books of Joint venture