A Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions
Question:
A Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions took place:
Required: Show the joint venture accounts in the books of the three parties. Show in full the workings needed to arrive at the profit on the venture. The profit or loss was to be split: Hill one-half; Rock one-third; Pine one-sixth. Any outstanding balances between the parties were settled on 31 July 2013.
Transcribed Image Text:
2013 May 1 Rock rented a shop paying three months' rent 2,100. 3 Hill bought a van for 2,200. Hill bought paintings for 8,000. Pine received cash from sale proceeds of paintings 31,410. Rock bought paintings for 17,000. June July 5 17 23 9 Van broke down. Pine agreed to use his own van for the job until cessation of the joint venture at an agreed charge of 600. 14 Van bought on May 3 was sold for 1,700. Proceeds were kept by Rock. 17 Sales of paintings, cash being paid by Hill 4,220. 25 Lighting bills paid for shop by Pine 86. 29 Pine bought paintings for 1,700. 3 General expenses of shop paid for 1,090, Pine and Rock paying half each. Paintings sold by Pine 2,300, proceeds being kept by him. 16 31 Joint venture ended. The paintings still in inventory were taken over at an agreed valuation of 6,200 by Hill.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
Question Posted:
Students also viewed these Business questions
-
Rock, Hill and Pine enter into a joint venture for dealing in paintings. The following transactions took place: Required: Show the joint venture accounts in the books of the three parties. Show in...
-
Suppose that the crystal oscillator frequency is 1Mhz, compute the the execution time of the following code in microseconds REG EQU 10H MOVLW D'20' MOVWF REG AGAIN BRA NN NOP NOP NN NOP DECF REG BNZ...
-
Provide a brief overview of transportation and vehicle hire and give three (3) examples of tourism products sold in this one. Examples could include add-ons purchased in conjunction with the main...
-
Wealthy Manufacturing Company purchased 40 percent of the voting shares of Diversified Products Corporation on March 23, 20X4. On December 31, 20X8, Wealthy Manufacturings controller attempted to...
-
a. Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 10 percent. b. How large must each annual payment...
-
Nestls fi nancial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C. Instructions a. Based on the information in these financial statements,...
-
On June 28, 1997, in Las Vegas, heavyweight boxers Mike Tyson and Evander Holyfield met for what proved to be a night to remember. During the third round of the fight, a desperate Tyson illegally bit...
-
The registrar at State University believes that decreases in the number of freshman applications that have been experienced are directly related to tuition increases. They have collected the...
-
Describe a typical backup scenario and share your preferred Oracle database backup type. Why is it most appropriate? Is there a role for the Recovery Manager (RMAN) for this procedure? Explain.
-
Gray, Wilkes and Booth are partners. They share profits and losses in the ratios of 3 /8, 3 /8 and 1 /4 respectively. For the year ending 31 December 2012 their capital accounts remained fixed at the...
-
A Frank entered into a joint venture with Graham for the purchase and sale of robot mowers. They agreed that profits and losses should be shared equally. The following transactions took place: (a)...
-
Faye is a florist. The following information is available for the year ended 30 November 2014. Prepare the trading section of an income statement for the year ended 30 November 2014. $ Inventory at 1...
-
Netflix, Inc., has a beta of 1.5. If the market premium is at 8 percent and the risk-free rate is 4 percent, if 60% is invested what is the expected return? the other balance is Google at a beta of...
-
sept 2 purchased 1 0 0 0 unitsember sept 4 purchased 1 0 0 0 units @ 2 . 1 0 per unit sept 5 issued 1 2 0 0 units sept 1 0 received 5 0 0 units @ 2 . 2 5 per unit sept 1 6 issued 7 0 0 units sept 2 2...
-
A Treasury bill has a face value of 100K, 188 days to maturity, and is selling for $92 thousand. What is the bank discount yield on this bill? Enter answer in percents, accurate to two decimal places.
-
Suppose a Google.com bond will pay $4,000 ten years from now. If the going interest rate on safe 9-year bonds is 4.20%, how much is the bond worth today?
-
Y ltd purchased a debt security for sh . 5 m at a discount for sh . 4 , 6 7 0 , 0 0 0 on 1 st Jan, 2 0 0 4 . The debt is repayable in 5 yrs time at an interest rate of 6 % p . a payable annually in...
-
An interesting phenomenon can sometimes occur when companies are in danger of not meeting their projected earnings goals. Management suddenly realizes that they have been far too conservative in...
-
Players A, B, and C toss a fair coin in order. The first to throw a head wins. What are their respective chances of winning?
-
The statement of financial position of Aberdeen Ltd at 31 December shows the following balances: The relevant price indices for trade accounts receivable and trade accounts payable are: Required:...
-
Calculate backlog depreciation at 31 December 2018 for the plant and equipment, the details of which are given in Question 32.5A. Data From Question 32.5 The plant and equipment, details of which are...
-
The plant and equipment, details of which are given in Question 32.4, is depreciated on a straight line basis at 12% per annum. The depreciation charge is based on year-end values. What is the...
-
Scenario You are a tax professional and have been asked to present tax return for new client Kenji and Suki Takahara. The Takaharas are married, rent a home, and have two young children in day care....
-
See below for the Financial Statements for GPB Incorporated: GPB Incorporated Income Statement For Year Ended December 31,2023 Sales $800,000 CoGS 650,000 Gross Margin $150,000 Operating Costs...
-
1. A zinc/bromine secondary battery involves the following electrochemical half-reactions in an aqueous solution of zinc bromide: Zn2+ + 2eZn E = -0.76 V E = 1.08 V Br2+2e2Br The following kinetic...
Study smarter with the SolutionInn App