Half-metallic fully compensated ferrimagnets (HMFCFi) which exhibit zero magnetic moment with 100 % spin polarization at the Fermi level are considered to be the ideal choice for spintronic device applications. The ab initio studies by Galanakis et al. have shown that these properties can be realized in ferrimagnetic full-Heusler alloys with 24 valence electrons per unit cell (eg: MnCoVGa) as they follow the Slater-Pauling rule for magnetic moment (Mt =Zt-24 µB/f.u.). But the experimental and ab initio studies showed that the magnetic moment compensation by 50 % Co substitution at the Mn site of the half-metallic Heusler alloys Mn2VZ (Z = Ga, Al) results in a drastic reduction of TC (below room temperature) and deviation from half-metallicity. Through detailed analysis of structural, magnetic, electrical transport properties and ab initio calculations, we have shown that the magnetic moment compensation with high TC can be achieved by 50% Co substitution at the V site of Mn2VZ. Mn2V0.5Co0.5Ga exhibit a magnetic moment value of 0.11 μB/f.u. and Mn2V0.5Co0.5Al exhibit a moment value of 0.07 μB/f.u. at 5 K. The measured TC values for these alloys are 706 and 659 K respectively. Studies also revealed a change in the ferrimagnetic characteristics when the materials were synthesized in melt-spun ribbon form. Our investigation suggests that Co substitution at the V site is better than the substitution at the Mn site of Mn2VZ to achieve full magnetic moment compensation without significant reduction in TC.