Answer 1

In the books of Surekha Journal
Date	Particulars		L.F.	Debit Amount (Rs)	Credit Amount (Rs)
	Joint Venture A/c	Dr.		4,00,000
	To Purchases A/c				4,00,000
	(Goods supplied for Joint Venture)
	Joint Venture A/c			12,300
	To Bank A/c (9,900 + 2,400)				12,300
	(Expenses paid for Joint Venture)
	Joint Venture A/c	Dr.		3,90,000
	To Sangita’s A/c				3,90,000
	(Goods purchased by Sangita for Joint Venture)
	Joint Venture A/c	Dr.		14,000
	To Sangita’s A/c				14,000
	(Selling expenses paid by Sangita)
	Bills Receivable A/c	Dr.		1,90,000
	To Sangita’s A/c				1,90,000
	(Acceptance received)
	Bank A/c	Dr.		1,84,000
	Discount A/c	Dr.		6,000
	To Bills Receivable A/c				1,90,000
	(Sangita’s acceptance discounted with bank)
	Joint Venture A/c	Dr.		6,000
	To Discount A/c				6,000
	(Discount on bill treated as Joint Venture expenditure)
	Sangita’s A/c	Dr.		10,00,000
	To Joint Venture A/c				10,00,000
	(Goods sold)
	Joint Venture A/c	Dr.		1,77,700
	To Profit & Loss A/c				1,06,620
	To Sangita’s A/c				71,080
	(Profit made on Joint Venture)
	Bank A/c	Dr.		3,34,920
	To Sangita’s A/c				3,34,920
	(Final payment received)

 

In the Books of Sangita Joint Venture Account
Dr.								Cr.
Date		Particulars		Amount (Rs)	Date	Particulars	Amount (Rs)
		Surekha		4,00,000		Bank	10,00,000
		Surekha:
		Freight	9,900
		Insurance	2,400	12,300
		Bank:
		Purchases	3,90,000
		Selling Expenses	14,000	4,04,000
		Surekha (Bill discounted)		6,000
		Profit transferred to:
		Profit & Loss A/c (2/5th)	71,080
		Surekha (3/5th)	1,06,620	1,77,700
				10,00,000			10,00,000

 

Surekha’s Account
Dr.							Cr.
Date		Particulars	Amount (Rs)	Date	Particulars	Amount (Rs)
		Bills Payable	1,90,000		Joint Venture (Goods)	4,00,000
		Bank (Final Payment)	3,34,920		Joint Venture (Freight & Sundry Expenses)	12,300
					Joint Venture (Discount on bill)	6,000
					Joint Venture (Profit)	1,06,620
			5,24,920			5,24,920