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Question details:

With a view to supplement their income, two security officers Maganga and Juma decided to enter into a joint- venture arrangement to purchase and sell charcoal, sharing profits and losses equally. They contributed Ksh 150,000 and 120,000 respectively for the joint venture business.

They recorded the following transactions during the operation.

January            7          Cash purchases                                                Shs. 50,000

                        9          purchased goods from Ndubi                         shs. 75,000 (on credit)

                        20        Cash sales                                                        Shs. 36,000

February          5          sold to Kisii university charcoal worth           shs 45,000 (on credit)

                        11        paid general expenses                                     shs 8,000

March              2          paid Ndubi account in full settlement            shs 73,000

                        13        cash sales                                                         shs 42,000

                        17        received cash from Kisii University                shs 45,000

                        24        sold on cash charcoal worth                            shs 52,000

The venture was closed on 26th March 2017 and there remained bags of charcoal valued at kshs 25,000 which the parties split equally for personal consumption.

Required

Joint venture account               (7 marks)

Venturers capital account       (5 marks)

Joint cash account                   (5 marks)

With a view to supplement their income, two security officers Maganga and Juma decided to enter into a joint- venture arrangement to purchase and sell charcoal, sharing profits and losses equally. They contributed Ksh 150,000 and 120,000 respectively for the joint venture business.

They recorded the following transactions during the operation.

January            7          Cash purchases                                                Shs. 50,000

                        9          purchased goods from Ndubi                         shs. 75,000 (on credit)

                        20        Cash sales                                                        Shs. 36,000

February          5          sold to Kisii university charcoal worth           shs 45,000 (on credit)

                        11        paid general expenses                                     shs 8,000

March              2          paid Ndubi account in full settlement            shs 73,000

                        13        cash sales                                                         shs 42,000

                        17        received cash from Kisii University                shs 45,000

                        24        sold on cash charcoal worth                            shs 52,000

The venture was closed on 26th March 2017 and there remained bags of charcoal valued at kshs 25,000 which the parties split equally for personal consumption.

Required

Joint venture account               (7 marks)

Venturers capital account       (5 marks)

Joint cash account                   (5 marks)

 


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