Mahendra and Lalit agreed to purchase and sale of T.V. sets. They decided to share profit or loss equally. Mahendra sent to a bank draft of Rs 2,50,000 in favour of Lalit.
Lalit purchased 20 T.V, set @ Rs 20,000 each and paid freight Rs 2,000. Mahendra received all sets and sold T.V. set as follows :
Mahendra sent draft for remaining balance to Lalit. In the books of Mahendra, prepare Joint Venture with Lalit’s Account and Memorandum Joint Venture Account.
