In joint venture, discounting charges of a bill of exchange is
A. reated as financial expenses and charged to profit and loss account
B. treated as joint venture expense and charged to joint venture account
C. treated as personal expenses of the drawee
D. treated as personal expenses of the drawer
Murari and Mihir entered into a joint venture and agreed to divide the profit as Murari 60% and Mihir 40%. Murari and Mihir contributed ~ 60,000 and ~ 40,000 respectively for carrying on transactions relating to the venture. They opened a Joint Account with the above contributions. They purchased three old State Buses for ~ 80,000. Murari and Mihir personally paid ~ 15,000 and ~ 10,000 respectively for repairs and renewals. They purchased few tyres and tubes costing ~ 18,000. Two buses were sold for ~ 90,000 and the third one was taken by Mihir at cost price. Show the Joint Venture Account, Joint Bank Account and the Co-venturers Accounts.