High School Accountancy Problem
OK, I'm go literally crazy with this question.. so please help me!!
the chapter name is Joint Venture... we have to use the 1st method.. that is to record the transactions in separate set of books.
btw just give me the journal entries.. i can make the ledger accounts from that & thanks
Q) B and C undertake a joint venture of selling timber in Moscow, Russia, contributing $ 15,000 and $ 10,000 respectively in cash and agreeing to share profits in the ratio 3:2 respectively. A joint bank account was opened with the amounts contributed. Information regarding the venture is as follows:
Timber purchased $ 22,100.
Fright, etc paid $ 3,900
timber sold $ 28,700
they first repay themselves the cash originally invested by the them. Then, they decide to close the venture and B to take over the timber remaining unsold for $ 1,260
Prepare the necessary accounts.
[ Ans:- profit on joint venture $ 4,000
final payments to B $ 1,140
and C $ 1,600
total of joint bank account $ 53,740]
THANK YOU GUYS & PLEASE ANSWER THE JOURNAL ENTRIES ONLY BECAUSE I CAN MAKE THE LEDGER ACCOUNTS FROM THAT... PLEASE SEE IF YOU CAN GET THE CORRECT ANSWER!!!!MUCH APPRECIATED
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- Thread Starter
- 04-03-2013 21:52