Answer Posted / jj

If salary is 5000/- and advance paid is 4000/-

1) Payment:-
Advance salary a/c ...Dr.1000
To Cash / Bank a/c...Cr....1000

for the balance payment:

2) Journal:-
Salary a/c ...Dr. 5000
To Advance Salary a/c Cr. 1000
To Cash / Bank ... Cr. 4000

A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500

2700

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1441

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