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ANDHRA PRADESH
Name : Y. Yella Reddy
Designation : HCCP
Branch : DCCP
Institute : 026, S.G.Govt. Polytechnic, Adilabad
Year/Semester : IV Semester
Subject : Accountancy – III
Subject Code : CCP402
Topic : Joint Venture
Duration : 50 Mts
Sub Topic : Accounts kept by one Venturer
Teaching aids : PPT, Animations
CCP402.21 1
Objectives :
CCP402.21 2
Recap :
CCP402.21 3
Illustration 1
CCP402.21 4
Illustration 1 contd.
After acceptance by Veerendra, it was discounted
by Surendra for Rs. 39,000/-.
Veerendra paid Rs.3,100 for storage, rent etc., the
sales realized Rs. 1,25,000/- and the sales
expenses of Rs.2500 were also incurred by
Veerendra.
He remitted bank draft for the balance due to
surendra after charging his sales commission @
5% on the gross sales.
Prepare Joint venture account and Veerendra’s
account in the books of Surendra
CCP402.21 5
Solution :
CCP402.21 6
2) Joint venture a/c Dr. 5,500
To Cash 5,500
(Being the expenses paid)
CCP402.21 7
4) Bank a/c Dr. 39,000
Joint venture a/c Dr. 1,000
To Bills Receivable a/c 40,000
(Being the bill discounted)
5) Veerendra a/c Dr. 1,25,000
To joint venture a/c 1,25,000
(Being the sales made by Veerendra)
CCP402.21 8
6) Joint venture a/c Dr. 3,100
To Veerendra a/c 3,100
(Being the expenses incurred)
CCP402.21 9
8) Joint venture a/c Dr. 6,250
To Veerendra 6,250
(Being the commission payable)
CCP402.21 10
10) Bank a/c Dr. 62,600
To Veerendra a/c 62,200
(Being the balance received)
CCP402.21 11
Ledger Accounts in the Books of Surendra
Dr. Joint Venture Account Cr.
Rs. Rs.
To Cash a/c 75,000 By Veerendra’s 1,25,000
(goods) a/c
“ Cash a/c (Exp) 5,500
“ B/R (discount) 1,000
a/c
“ Veerendra’s a/c
Expenses 3,100
Sales Exp. 2,500
Comm. 6,250
“ P & L a/c 21,100
“ Veerenda’s a/c 10,550
1,25,000 1,25,000
CCP402.21 12
Veerendra’s Account
Dr. Cr.
Rs. Rs.
To J.V. a/c (Sales) 1,25,000 By B/R a/c 40,000
CCP402.21 13
Illustration 2
CCP402.21 15
Gowri’s Account
Dr. Cr.
Rs. Rs.
To J.V. a/c 1,20,000 By J.V. a/c (exp) 6,000
CCP402.21 16
Assignment