B)Das Bose and Gupta undertake to erect a five-storied mansion for National Housing Trust Ltd. The con¬tract price is agreed at Ksh 2,500,000 to be paid in cash, Ksh 2,200,000 by four equal installments and the balance amount in 8% Debentures of the company. They agree to share equally the profit or loss. They opened a Joint Bank Account with cash contributed as stated below:

Das Sh 300, 000; Bose Sh 375,000 and Gupta Sh 200,000

Das arranges the preparation of building plans etc. and pays Sh 32,000 as architect’s fees. Bose brings a concrete mixer and other implements valued at Sh 80,000 and Gupta brings a motor lorry valued at Sh 75,000.

They paid in cash for the following:

Sh Sh

Materials 1,226,800Sundry Expenses 20,000

Wages 733,200Plant 60,000

On completion of the venture concrete mixer is sold for Ksh 50,000 and Plant and other implements are sold for Ksh 10,000. Gupta takes back the motor lorry at Ksh 40,000. Das took over the Debentures issued by the company at a valuation of Ksh 280,000.

Required.

Show the necessary ledger accounts for the Joint Venture. (15 Marks)