Kayode and ola entered into joint venture on 1st June 1999 to purchase a supply...

Kayode and ola entered into joint venture on 1st June 1999 to purchase a supply of imported goods #4,000. Kayode contributed #2,750 of this and ola supplied the balance. on 15th 1999 Kayode paid import duty of #250 and on 6th of July, warehouse charge of #200. he made the following cash sales; 26th #1850; 30th #700.on 15th July the venture was completed and Kayode took the balance of #350 worth of good into his own business. on 16th June, ola paid carriage #70 insurance #30. his cash sales were #2100. profits have to be shared in the proportion 2/3 to Kayode and 1/3 to ola. you are required to prepare : a. joint venture account in the books of the venture.
b: joint memorandum account?

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Asked by chichetaram on 14th May, 2020