The amount due from one venture to the other was paid and the joint was dissolved....
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The amount due from one venture to the other was paid and the joint was dissolved. Required: a) b) Record relevant accounts in the books of both joint ventures. Record Memorandum Joint Venture Account. Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions connected with this venture were: 2017 May 1 2 3 16 19 29 June 11 24 26 Bull rented land for two months for $600. Craig supplied plants cost $510. Bull employed labour for planting $260. Craig charged motor expenses $49. Bull employed labour for fertilizing $180. Bull paid the following expenses: Sundreis $19, Labour $210, Fertilizer $74. Finch employed labour for lifting strawberries $416. Sale expenses paid by Finch $318. Finch received cash from sale proceeds $2,916 Required: Record the joint venture accounts in the books of Bull, Craig and Finch. Also record in full the method of arriving at the profit on the venture which is to be apportioned: Bull four-sevenths; Craig two-sevenths; Finch one-seventh. Any outstanding balances between the parties are settled by choque on 31 July. The amount due from one venture to the other was paid and the joint was dissolved. Required: a) b) Record relevant accounts in the books of both joint ventures. Record Memorandum Joint Venture Account. Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions connected with this venture were: 2017 May 1 2 3 16 19 29 June 11 24 26 Bull rented land for two months for $600. Craig supplied plants cost $510. Bull employed labour for planting $260. Craig charged motor expenses $49. Bull employed labour for fertilizing $180. Bull paid the following expenses: Sundreis $19, Labour $210, Fertilizer $74. Finch employed labour for lifting strawberries $416. Sale expenses paid by Finch $318. Finch received cash from sale proceeds $2,916 Required: Record the joint venture accounts in the books of Bull, Craig and Finch. Also record in full the method of arriving at the profit on the venture which is to be apportioned: Bull four-sevenths; Craig two-sevenths; Finch one-seventh. Any outstanding balances between the parties are settled by choque on 31 July.
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To arrive at the profit on the venture we need to calculate the total revenue and the total expenses ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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