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Prepare joint venture and co-ventures account

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Reference no: EM132668847

A and B entered into a joint venture to take a building contract which was worth of Rs. 240,000. They provide following information regarding the expenses incurred by them.

Materials.                       68000                  50000
Cement                          13000                   17000
Wages                            00000                  27000
Architect fee                   10000                 00000
Plant                             00000                 20000
License                          00000                    5000

Plant was value at Rs. 10000 at the end of contract and A agreed to take it at that value. Contract amount of Rs, 240000 was received by B.

Problem 1: Pass necessary journal entries in the book of A and B and prepare joint venture and co-ventures account assuming 1/4th and 3/4th profit sharing ratio.

Reference no: EM132668847

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