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Accounts test on joint venture

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ACCOUNTS (Two hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) Answer Question 1 (compulsory) The intended marks for questions or parts of questions are given in brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer. 1. Answer the following Questions:-[2 x 3 = 6] a. What is a Joint Venture? b. Why the word memorandum is affixed to Memorandum Joint Venture? c. What are the Partnership? differences 2. Answer the following question:- between Joint Venture and [14 x 3 = 42] a) Arvind, Benu and Cathy jointly undertook the construction of a factory building for Roxy Ltd. at a price of Rs. 15,00,000. The consideration was to be paid as follows : (i) Rs. 12,00,000 in cash (ii) Rs. 3,00,000 in debentures of Roxy Ltd. T hey contributed towar ds the venture as follows : Ar vind Rs. 6,00,000, Benu Rs. 3,00,000 and Cathy Rs. 2,00,000. T hese amounts were deposited in a Joint Bank Account. Ar vind got the plan prepared and paid Rs. 17,000 as architects fees. Benu brought a concrete mixer for Rs. 75,000 and Cathy brought a tr uck valued at Rs. 50,000. T hey pur chased a plant for Rs. 2,40,000 and materials wor th Rs. 2,00,000. Rs. 3,25,000 was incur red for wages. On completion of the venture Ar vind took over materials wor th Rs. 72,000, Benu took over the concrete mixer for Rs. 22,000 and Cathy took back the tr uck at Rs. 18,000. T he plant was disposed of f at Rs. 85,000. T he contract price was dul y received on completion of the project.

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