Achal of Ahmedabad entered into joint venture with Bharat of Bharuch to purchase and sale mobile phones with an understanding to share profits/losses in the ratio 1:2. Achal brought Rs.5,00,000 and Bharat brought Rs.10,00,000 in cash which was deposited in the Joint Bank A/c. Achal bought 100 mobile phones at Rs.9,000 each by making payment from Joint Bank A/c. He paid Rs.16,000 towards freight and Rs.4,000 towards Octroi from his personal cash. Bharat sourced 70 mobile phones at Rs.8,000 each by making payment from Joint Bank A/c. 10 mobile phones purchased by Bharat were damaged for which, Bharat paid Rs.1,250/- per mobile phone for repairs from his personal cash.Bharat sold 150 mobile phones at the rate of Rs.12,000 per mobile phone and 10 mobile phones at the rate of Rs.8,000 per mobile phone. Sales proceeds were received in cash which was then deposited in joint bank account. 10 mobile phones purchased by Achal were in stock. It was estimated that Net Realisable Value of these mobile phones would be Rs.8,000 per mobile phone.Prepare Joint Venture A/c,. Joint Bank A/c., Cash A/c. and Co-venturers’ A/cs. Show calculation of value of closing stock.​