6a ng sau ping (19) 6a chan lai fong (2) 6a lau tsz ying (12) 6a lee chui ying (14)

6A Ng Sau ping (19)

6A Chan Lai Fong (2)

6A Lau Tsz Ying (12)

6A Lee Chui Ying (14)

Sources: Goods from Japan Selling price : $15 per each Cost:$10 per each (excluding delivery charges) Locating : Wan Chai Goods: Clock Description: The clocks have different shape

and colour, such as robot. Chan, Lau, Lee, Ng entered into a joint venture

which sell clock and agreed to share profits and losses in the ratio of 2:1:1:2. Also, Lee and Lau would be agreed to have a commission 5% on sales made by their own .

2002

Jan 1 Ng bought goods at a cost of $39800,she accepted a bill of exchange for one month.

Jan 2 Ng paid the delivery charges of $500 by cash .

Jan 5 Chan bought good at cost of $40000 by cash .

Jan 16 Ng send half of her goods to Lee .

Jan 21 Lau paid rent $869.

Jan 27 Lau bought goods at cost $50200 on credit . a bill of $50000 was accepted for one month . $200 was trade discounts .

Jan 30 Goods costing $4500 were stolen in the shop . One-third of the loss was paid by Lee , and the remaining half of loss was paid by Ng .

Feb 1 Lee paid the Ng’s bill and bought goods which cost $14000 by cash .

Feb 4 Chan returned goods costing $10000 to the supplier and full allowance on the returned goods was given .

Feb 10 One-third of Lee’s goods are sold at selling price for cash .

Feb 14 Lau also sold half of her goods on credit . A bill of $30000 was accepted by a debtor for one month .The remaining balance is received .

Feb 21 Ng paid wages of $2500 .

Feb 27 Lau’s bill was paid .

Feb 28 Chan bought goods at cost $40800 by cheque and paid the delivery charges of $1000.

Mar 4 Some of goods sold by Lau were returned and returned $5000 to the customers.

Mar 14 The bills receivable was honoured on maturity .

Mar 20 All Ng’s goods are sold for cash at selling price .

Mar 25 Lee agreed to take over the returned goods at a value of $4200 .

Mar 30 All goods are sold for $55000, the sales proceeds were kept by Chan .

Mar 31 The sum required in full settlement between Chan, Lau, Lee, Ng was paid.

 In the book of Lau

2002 $ 2002 $Jan.21 Bank: Rent 869 Feb.14 Bills receivable:Sales 30000Jan.27 Bill payable: Purchase 50000 Feb.14 Cash:SalesMar.4 Cash: Return funds to customers 5000 $[(50000*1/2)/10*15-30000] 7500Mar.31 Profit and Loss: commission Mar.31 Bank: In settlement 24804

$[(3000+7500)*5%] 1875Mar.31 Bank:Share of profit 4560

62304 62304

Joint Venture with Chan , Lee ,Ng

In the book of Chan

2002 $ 2002 $Jan. 5 Cash : Purchase 40000 Jan. 26 Cash :SalesFeb. 28 Bank : Purchase 40800 $(40000/10*15) 60000Feb. 28 Cash : Delivery Charge 1000 Feb.4 Credors :Return outward 10000Mar. 31 Bank : Share of Profit 9120 Mar .30 Cash :Sales 55000Mar. 31 Bank : In Settlement 34080

125000 125000

Joint Venture with Lau, Lee, Ng

In the book of Lee

2002 $ 2002 $Feb.1 Bills payable-Ng 39800 Jan.30 Profit and Loss:Goods stolenFeb.1 Cash:Purchase 14000 $(4500*1/3) 1500Mar.31 Profit and Loss:Commission Feb.10 Cash:Sales

$(25425*5%) 1271 $[(14000+39800*1/2)*1/2]/10*15 25425Mar.31 Bank:Share of Profit 4560 Mar.25 Cash:stock taken over 4200

Mar.31 Bank: In settlement 2850659631 59631

Joint Venture with Chan ,Lau ,Ng

In the book of Ng

2002 $ 2002 $Jan.1 Bills payable: Purchase 39800 Jan.30 Profit and Loss:Goods stolenJan.2 Cash:delivery charges 500 $[(4500-1500)/2] 1500Feb.21 Cash:wages 2500 Feb.1 Bills payable-Lee 39800Mar.31 Bank:Share of Profit 9120 Mar.20 Cash:SalesMar.31 Bank:In settlement 19230 $[(39800/2)/10*5] 29850

71150 71150

Joint Venture with Chan , Lau , Lee

$ $ $Purchase $(40000+40800+50000+14000+39800) 184600 Sales W.1 207775Delivery charges $(1000+500) 1500 Returns outwards 10000Rent 869 Stock taken Over 4200Return funds to customers 5000 Goods Stolen $(1500+1500) 3000Wages 2500Commission $(1875+1271) 3146Share of ProfitChan (2/6) 9120Lau (1/6) 4560Lee (1/6) 4560Ng (2/6) 9120 27360

224975 224975

Memorandum Joint Venture Account

Working 1:$(60000+55000+30000+7500+25425+29850)

Here are some questions!

Can you do them?

Question 1

What is the mark-up?

1/2

1/3

1/4

1/5

Are you sure ???

It is the final answer???

Press me Yes

Press me No

Yeah~~~

BINGO

Press me

Oh~~~Oh~~~

you are wrong !!!~~~you are wrong !!!~~~

The answer is (a) 1/2

Press me

Question 2

What is the profit margin???~~~

1/2

1/3

1/4

1/5

Yeah~~~

BINGO

Press me

Oh~~~

You are wrong!!!~~~

The answer is (b) 1/3

Press me

Question 3

How much profit did the joint venture earned???

27340

27350

27360

27370

Are you sure???

Yes

No

O..Yeah!!~~

You are right

Press me

O…Sorry~~

You are wrong!!!~~

★The answer is 27360★

Press me

Question 4

Who get the great profit?

Chan & Lau

Ng & Lee

Chan & Ng

Lau & Lee

RIGHT~~~Viva

Press me

Sorry…

Your are WRONG

＊ The answer is Chan & Ng＊

Press me

Yeah~~~

Give me five~~~

Bingo

Press me

Question 5

Who made the greatest amount of sales???

Chan

Lau

Lee

Ng

Sorry

Let’s try again!!!~~~ §The answer is Chan§

Press me