Necessary ledger accounts

Reference no: EM13259690

Ali and ahmed carrying business separately as contractors jointlytake up the work of constructing a research complex of yousaftanneries ltd. At an agreed price of Rs.250000 payable in cashRs.200000 and in fully paid shares of a company for balanceRs.50000. a joint bank account is opened in which ali and ahmedpaid Rs.62500 and Rs. 75000 respectively. the following expenseswere incurred in completing the construction and the contract pricewas duly received.

(i) wages paid Rs.75,000.

(ii) Materials purchased for Rs. 50000.

(iii) Material supplied by ali from his stock Rs.22500.

(iv) Consulting engineers fees paid by ahmed Rs.5000

The accounts were closed. Ali taking up all the shares of thecompany at an agreed value of Rs.40,000 and ahmed taking theremaining stock of materials at Rs 7,500. profit or loss is sharedby ali and ahmed in the ration of 2:3.

Required: prepare the necessary ledger accounts assuming that aseparate set of books are maintained for the joint venturetransactions.

Reference no: EM13259690

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