Accounting problems on Joint Venture

accounts
Joint Venture Problem and Solution # 1.
Adarji and Bomanji were partners in a joint venture sharing profits
and losses in the proportion of four-fifths and one-fifth respectively.
Adarji supplies goods to the value of Rs 50,000 and incurs expenses
amounting to Rs 5,400. Bomanji supplies goods to the value of Rs
14,000 and his expenses amount to Rs 800. Bomanji sells goods on
behalf of the joint venture and realises Rs 92,000. Bomanji is entitled
to a commission of 5 per cent on sales. Bomanji settles his account by
bank draft. Give the journal entries and the necessary accounts in the
books of Adarji and only the important ledger accounts in the books of
Bomanji.
Alternative method:

An alternative to the above method is to make out the Joint Venture Account on memoradum basis, just
to find out the profit or loss made but not as part of ledger.

:
Joint Venture Problem and Solution # 2:
A and B doing business separately as building contractors, undertake
jointly to construct a building for a new joint stock company for a
contract price of Rs 10,00,000 payable as to Rs 8,00,000 by
instalments in cash and Rs 2,00,000 in fully paid shares of the
company. A banking account is opened in their joint names, A paying
in Rs 2,50,000 and B Rs 1,50,000. They are to share profit or loss in
the proportion of 2/3 and 1/3 respectively.

Their transactions were as follows:

The contract was completed and the price duly received. The joint
venture was closed by A taking up all the shares of the company at an
agreed valuation of Rs 1,70,000 and B taking up the stock of materials
at an agreed valuation of Rs 17,000.