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Urmila and Umesh decided to undertake a venture jointly. The agree to share profits and...

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Accounting

Urmila and Umesh decided to undertake a venture jointly. The agree to share profits and losses in the ration of 3:2.

Urmila supplied from her own stock goods worth R200 000, and paid R4 950 for freight and R1 200 for sundry expenses. Umesh purchased good for R195 000 for the venture and paid R 7 000 for selling expenses. Umesh accepted a bill for 3 months of R95 000 drawn by Umila as an advance. The bill was discounted immediately by Urmila for R92 000 and the amount of discount was charged to the joint venture a/c.

Umesh sold all the goods for R500 000. At the end of the enture the accounts were settled.

Provide the journal entries for the above transactions in the books of Urmila only.

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