Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions connected with
Question:
Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions connected with this venture were:
Required:
Show the joint venture accounts in the books of Bull, Craig and Finch. Also show in full the method of arriving at the profit on the venture which is to be apportioned: Bull four-sevenths; Craig twosevenths; Finch one-seventh.
Any outstanding balances between the parties are settled by cheque on 31 July.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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