Show relevant accounts in the books of both joint ventures

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Reference no: EM131386074

Jack and Wellie enter a joint venture to share profits or losses equally resulting from dealings in second-hand, TVs. Both parties take an active part in the business, each recording their own transactions. They have no joint banking account or separate set of books.

2017
July
1 Jack buys four TVs for a total of £3,000.

3 Jack pays for repairs £1,600.

4 Wellie pays office rent £900 and advertising expenses £300.

6 Wellie pays for packaging materials £90.

7 Wellie buys a TV in excellent condition for £1,600.

31 Jack sells the five TVs to various customers, the sales being completed on this date and totalling £8,300.

Show the relevant accounts in the books of both joint venturers.

Reference no: EM131386074

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