Explain the main features of Consignment

B.)Discuss the Objectives of Departmental Accounts

c.) Explain the different types of Branches.

ques 2 Pass the journal entries in books of Lessee for the following cases

2. When the royalty is payable
4. For payment to landlord
6. Transferring royalty to P/L A/C
8. When short working is recouped
10. Transfer irrecoverable short working transfer to P/L A/c

ques 3 .)Aditya and Amit entered a joint venture to buy and sale Ganesh idols for the Ganesh festival. They opened a Joint Bank Account. Aditya deposited 2,00,000 and Amit 1,50,000. Aditya supplied Ganesh idols worth 25,000 and Amit supplied decoration material worth 15,000.

The following payments were made by the venture:

(a) Cost of Ganesh idols purchased 2,50,000

(b) Transportation charges 12,000

(c) Advertising 7,500 and Sundry Expenses 2,500

They sold idols for 4,00,000 for cash. Aditya took over some idols for 30,000 and Amit took over remaining for 10,000. The profit or losses were to be shared equally between co-venturers. Prepare Joint Venture Account, Joint Bank Account and each Co-Venturer's Account

Answer rating: 100% (QA)

Answer B Objectives of Departmental Accounts Performance Evaluation Departmental accounts help evalu... View the full answer