U 9. Mr. Madan and Mr. Hari entered into a joint venture to purchase and sell 'Mobile Sets'. from Biratnagar and send it to Mr. Hari of Kathmandu who would sell it. Profit was to be shared equally between them, Mr. Madan was to purchase 'Mobile Sets ' On 1st Bhadra, 2063 Mr. Madan purchased 'Mobile Sets' worth Rs. 100,000 and incurred the following expenses in sending it to Mr. Hari: forwarding charges Rs. 6,000 and insurance charges Rs. 2,000, He immediately drew upon Mr. Hari a bill of exchange for Rs. 100,000 for 3 months. The acceptance was discounted at 18% p.a. Mr. Hari paid the following expenses: cartage charges Rs. 3,000; commission to agents Rs. 5,000 and rental charges Rs. 4,000. The whole 'Mobile Sets' were disposed off for Rs . 200,000. He forwarded a cheque to Mr. Madan for the amount due on 30 Ashwin, 2063 . You are required to prepare the following accounts: i. Memorandum Joint Venture Account ii. Joint venture with Mr. Hari account in the books of Mr. Madan iii. Joint venture with Mr. Madan account in the books of Mr. Hari
