AID15363: D of Delhi and B of Mumbai entered into a joint venture for the purpose of buying and selling second-hand typewriters, B to make purchases and D to effect sales. The profit and loss was to be shared equally by D and B. A sum of Rs.15,000 was remitted by D to B towards the venture.

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Q: D of Delhi and B of Mumbai entered into a joint venture for the purpose of buying and selling second-hand typewriters, B to make purchases and D to effect sales. The profit and loss was to be shared equally by D and B. A sum of Rs.15,000 was remitted by D to B towards the venture.

B purchased 22 old typewriters for Rs.15,000 and paid Rs.9,000 for their reconditioning and sent them to Delhi. His other expenses were: Buying commission Rs.1,000; Cartage Rs.200 and Miscellaneous Rs.100.

D took delivery of the typewriters and paid Rs.270 for Octroi and Rs.100 for Cartage. He sold 12 typewriters at Rs.2,200 each; 4 typewriters at Rs.2,100 each and 3 typewriters at Rs.2,000 each. He retained remaining typewriters for his personal use at an agreed value of Rs.1,500. His other expenses – Insurance Rs.250; Rent Rs.400; Brokerage Rs.1,200 and Miscellaneous Rs.200.

Each party’s ledger contains a record of his own transactions on account of joint venture. Prepare a statement showing the result of the venture and the account of the venturer in D’s ledger as it will finally appear, assuming that the matter was finally settled between the parties.

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