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Question - Assume R and S enter into a JV to import a Russian timber into Ethiopia on 1st January, 1998. They opened a joint account with a commercial bank of Ethiopia. R contributing Birr 20,000 and S contributing birr 10,000.They agreed to share income in the ratio of the capital introduced by them.
On 1st February 1998, they remitted to a manufacture in January birr 25, 000 for the goods received and incurred an expense of birr 800 for freight insurance etc.
The goods were sold for Birr 33,000 for which the selling expenses were as follows: warehouse rent birr 200, commission payable to 5% in the gross amount of sales 10% and miscellaneous expenses of birr 300.
Required - Record Journal entry and the necessary ledger account showing the final distribution of cash among the co-ventures.
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