Question
In: Accounting
Urmila and Umesh decided to undertake a venture jointly. The agree to share profits and losses...
Urmila and Umesh decided to undertake a venture jointly. The agree to share profits and losses in the ration of 3:2.
Urmila supplied from her own stock goods worth R200 000, and paid R4 950 for freight and R1 200 for sundry expenses. Umesh purchased good for R195 000 for the venture and paid R 7 000 for selling expenses. Umesh accepted a bill for 3 months of R95 000 drawn by Umila as an advance. The bill was discounted immediately by Urmila for R92 000 and the amount of discount was charged to the joint venture a/c.
Umesh sold all the goods for R500 000. At the end of the enture the accounts were settled.
Provide the journal entries for the above transactions in the books of Urmila only.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Anna and Bess share partnership profits and losses at 60% and 40%, respectively. The partners agree...
Anna and Bess share partnership profits and losses at 60% and
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A, B and C share profits and losses by allowing A and C to receive salaries...
A, B and C share profits and losses by allowing A and C to
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to A, B and C each, respectively. If A and C received a total of
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Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of...
Adams, Peters, and Blake share profits and losses for their APB
Partnership in a ratio of 2:3:5. When they decide to liquidate, the
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44,000 Liabilities $ 48,000 Adams, Loan 10,800 Adams, Capital
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74,400 Total Assets $ 262,800 Total Liabilities & Equities $
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On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in...
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profits and losses in the ratio of 5:3:2, respectively) decide to
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balance at this date follows:
Debit
Credit
Cash
$
35,000
Accounts
receivable
100,000
Inventory
86,000
Machinery and
equipment, net
223,000
Van, loan
64,000
Accounts
payable
$
91,000
Bakel, loan
54,000
Van,
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165,000
Bakel,
capital
107,000
Cox,
capital
91,000
Totals
$
508,000
$
508,000
The partners plan a program...
On January 1, the partners Mary, Helen, and Jane (who share profits and losses in the...
On January 1, the partners Mary, Helen, and Jane (who share
profits and losses in the ratio of 5:3:2, respectively) decide to
liquidate their partnership. The trial balance at this date is as
follows:
Debit
Credit
Cash
$
25,000
Accounts receivable
80,000
Inventory
66,000
Machinery and equipment, net
203,000
Mary, loan
44,000
Accounts payable
$
81,000
Helen, loan
34,000
Mary, capital
125,000
Helen, capital
97,000
Jane, capital
81,000
Totals
$
418,000
$
418,000
The partners plan a program of...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in...
On January 1, the partners of Van, Bakel, and Cox (who share
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liquidate their partnership. The trial balance at this date
follows:
Debit
Credit
Cash
$
22,000
Accounts receivable
74,000
Inventory
60,000
Machinery and equipment, net
197,000
Van, loan
38,000
Accounts payable
$
69,000
Bakel, loan
28,000
Van, capital
122,000
Bakel, capital
94,000
Cox, capital
78,000
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$
391,000
$
391,000
The partners plan a program of piecemeal conversion...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in...
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Credit
Cash
$
23,000
Accounts receivable
76,000
Inventory
62,000
Machinery and equipment, net
199,000
Van, loan
40,000
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$
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Van, capital
123,000
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95,000
Cox, capital
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400,000
$
400,000
The partners plan a program...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in...
On January 1, the partners of Van, Bakel, and Cox (who share
profits and losses in the ratio of 5:3:2, respectively) decide to
liquidate their partnership. The trial balance at this date
follows:
Debit
Credit
Cash
$
43,000
Accounts receivable
116,000
Inventory
102,000
Machinery and equipment,
net
239,000
Van, loan
80,000
Accounts payable
$
98,000
Bakel, loan
70,000
Van, capital
198,000
Bakel, capital
115,000
Cox, capital
99,000
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$
580,000
$
580,000
The partners plan a program of piecemeal conversion...
On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in...
On January 1, the partners of Van, Bakel, and Cox (who share
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balance at this date follows:
Debit
Credit
Cash
$
23,000
Accounts receivable
76,000
Inventory
62,000
Machinery and equipment, net
199,000
Van, loan
40,000
Accounts payable
$
73,000
Bakel, loan
30,000
Van, capital
123,000
Bakel, capital
95,000
Cox, capital
79,000
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$
400,000
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400,000
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