This means the goods which A consigned to B were received by B in Delhi. A had sent a Bill of Exchange alongwith the consignment which B accepted and sent the bill back. A got it discounted from his bankers. Since A had paid for the timber so he must have requested to give him Rs.8000, for which he accepted the BE. Journal entry for this will depend on the method being followed to maintain the accounts of Joint Venture. Commonly four methods are followed as given below:
1. Separate Set of Books for Joint Venture.
2. Recording of Joint Venture Transactions in any one of the Co-Venturer's books.
3. Recording of Joint Venture Transactions in all the Co-Venturers' books.
4. Recording of the Joint Venture Transacton relating to each Co-Venturers in his own books. In this case each co-venturer records only transactiosns relating to him in his books and to find out profit/loss on joint venture, they prepare Memorandum Joint Venture Account
So now you please tell which method of keeping of books of accounts is being followed, so that I could tell you the appropriate entries.