FIRST METHOD............................................. Separate Set of Books.

Joint Venture A/c

Dr

All expenses & losses

All Incomes & Gains

Cr
No

Particulars

Adjustment

Amount

No

Particulars

Adjustment

Amount
 

 

 

 

 

 

 

 
2

To Co Venture a/c (Asset Supplied by A & B)   

*

*

________

 

 

**

5

By Joint Bank a/c

(Sale or Contract money received)

 

*
3

To Joint Bank a/c (all common expenses)

 

*

6

By Co  Venture a/c (Goods sold or received By A & B)

*

*

________

**
4

To Co - Venture a/c a/c (expenses met by A & B)

*

*

________

 

**

10

By Co Venture a/c

(Goods taken away by A & B)

*

*

________

 

**
7

To Co Venture a/c (goods supplied by A & B)

*

*

________

 

**

15

By Shares/Debenture a/c (Shares Received)  

 

*
8

To Co  Venture a/c   (commission paid)  

 

*

16a

By Shares/Debenture a/c (profit on sale of shares/debentures)

 

*
9

To Co Venture a/c    (salary/rent allowed to A & B)

*

*

________

 

**

21

By P a/c

(Purchase return & Discount recieved)

 

*

16b

To Shares/Debenture a/c (Loss on Sale of Shares & Debentures) 

 

*

25

By Q a/c

(Credit Sale)

 

*
19a To Bank loan a/c (Interest)   *   - - -
20 To P a/c (credit purchase)   *   - - -
26 To Q a/c (Discount allowed, bad debt, Sales return)   *   - - -
29a To Bill Receivable a/c (Discount on bill)   *   - - -

12a

To Co Venture a/c (profit)

(Profit ratio)    

A

B

 

 

*

*

________

**

12b

By Co Venture a/c 

(Loss)

(Loss ratio)

A

B

*

*

________

**
      ##       ##

 

 

Joint Bank A/c

 

Dr

All Receipts

All Payments

Cr
No

Particulars

Adjustment

Amount

No

Particulars

Adjustment

Amount
               

   1   

To Co Venture a/c 

(Investment by A&B)

*

___*_____

**

3

By Joint Venture a/c 

 (All common exp)

 

*

5

To Joint Venture a/c

(Sale or  contract money received)

 

*

11

By Co Venture a/c (Cash withdrawn by A & B)         

*

*

_________

**

16

To Shares/Debenture a/c  (Sale of Shares)

 

*

19b

By Bank Loan a/c

(Loan repayment with interest)

 

*

18

To Bank loan a/c 

(Loan taken)           

 

*

22

By P a/c 

(Cash paid)

 

*

27

To Q a/c 

(Cash received)

 

*

24

By Bills Payable a/c (Bill met)

 

*

29b

To Bill Receivable a/c (Cash received)

 

*

 

 

 

 

14

To Co Venture a/c (Further cash by B)

 

*

13

By Co Venture a/c (final remittance) A

 

*
      Should tally       Should tally

Note- The totals in Joint Bank should TALLY

 

 

Co-Venturers A/c

 

Dr

What they take

What they give and get

Cr

No

Particulars

Adjustment

Amount

No

Particulars

Adjustment

Amount

 

 

A

B

 

 

A

B

6

To Joint Venture a/c

(Goods sold or contract money received)

 

*

1

By Joint Venture a/c (Investment)

 

*

10

To Joint Venture a/c (Goods taken)

 

*

2

By Joint Venture a/c 

(Asset supplied)

 

*

11

To Joint Bank a/c 

(Cash withdrawn)

 

 

*

4

By Joint Venture a/c 

(Expenses met)

 

*

17

To Shares/Debenture a/c

(Shares taken)

 

*

7

By Joint Venture a/c 

(Goods supplied)

 

*

 

 

 

 

8

By Joint Venture a/c (Commsion paid)

 

*

 

 

 

 

9

By Joint Venture a/c

(Salary, rent allowed, commision allowed)

 

*

12b

To Joint Venture a/c (Loss)

 

*

12a

By Joint Venture a/c 

(Profit)

 

*

13

To Joint Bank a/c

(Final remitance)

 

 

*

12

By Joint Bank a/c

(Further cash brought)

 

*
      ##       ##

 

 

Shares / Debentures A/c

 

Dr             Cr

No

Particulars

Adjustment

Amount

No

Particulars

Adjustment

Amount

 

 

A

B

 

 

A

B
15 To Joint Venture a/c (shares received)   * 16 By Joint Bank a/c (sale of share)   *
16a To Joint Venture a/c (profit on sale of share)   * 16b By Joint Venture a/c (loss on share)   *
        17 By Co Venture a/c (shares taken)   *
      Should tally       Should tally

 

 

Bank Loan A/c

 

Dr         Cr

No

Particulars

Amount

No

Particulars

Amount

 

 

  

 

 

  
19b To Joint Bank a/c (Repayment with interest) * 18 By Joint Bank a/c (Loan taken) *
      19a By Joint Venture a/c (Interest on loan) *
    ##     ##

 

 

P A/c

 

Dr         Cr

No

Particulars

Amount

No

Particulars

Amount

 

 

  

 

 

  
21 To Joint Venture a/c (purchase return, discount received) * 20 By Joint Venture a/c (credit purchase) *
22 To Joint Bank a/c (cash paid) *      
23 To Bills Payable a/c (bills accepted) *      
    ##     ##

 

Bills Payable A/c

Dr         Cr

No

Particulars

Amount

No

Particulars

Amount

 

 

  

 

 

  

24

To Joint Bank a/c 

(bill met)

*

23

By P a/c

(bill accepted)

*

    ##     ##

 

Bills Receivable A/c

Dr         Cr

No

Particulars

Amount

No

Particulars

Amount

 

 

  

 

 

  

28

To Q a/c

(bills receivable)

*

29a

By Joint Venture a/c (discount on bill, see for date)

*

 

 

 

29b

By Joint Bank a/c (cash received)

*

 

 

##

 

 

##

Q A/c

          Cr

No

Particulars

Amount

No

Particulars

Amount

 

 

  

 

 

  
25 To Joint Venture a/c (credit sale) * 26 By Joint Venture a/c (sales return, discount allowed, bad debt) *
      27 By Joint Bank a/c (cash received) *

 

 

 

28

By Bills Receivable (bills received)

*

    ##     ##

 

1