AID15362: Ram and Gautham entered into a joint venture to buy and sell TV sets, on 1st July, 2011. On 1.7.2011, Ram sent a draft for Rs.2,50,000 in favour of Gautham, and on 4.7.2011, the latter purchased 200 sets each at a cost of Rs.2,000 each. The sets were sent to Ram by lorry under freight “to pay” for Rs.2,000 and were cleared by Ram on 15.7.2011.

 100

SKU: e2422d39dcbc Category:

Description

Solution: Instant Downloadable

Note: You can download solution instantly after secured payment. We will activate download link manually if pay through PayTM or offline payment and it will take around one working hour.

Q: Ram and Gautham entered into a joint venture to buy and sell TV sets, on 1st July, 2011. On 1.7.2011, Ram sent a draft for Rs.2,50,000 in favour of Gautham, and on 4.7.2011, the latter purchased 200 sets each at a cost of Rs.2,000 each. The sets were sent to Ram by lorry under freight “to pay” for Rs.2,000 and were cleared by Ram on 15.7.2011.

Ram effected sales in the following manner:

Date

No. of Sets

Sale price

per set

Discount on

sales price

16.7.2011

31.7.2011

15.8.2011

20

100

80

3,000

2,800

2,700

10%

5%

On 25.8.2011, Ram settled the account by sending a draft in favour of Gautham, profits being shared equally. Gautham does not maintain any books. Show in Ram’s book:

(i) Joint Venture with Gautham A/c; and

(ii) Memorandum Joint Venture A/c.

.woocommerce-message { background-color: #98C391 !important; }