Osu and Okun entered into a joint venture business to acquire and sell second hand...

Osu and Okun entered into a joint venture business to acquire and sell second hand clothes at a trade firm market they agreed to share profit and loss in the ratio of 3:2 respectively.

Osu send cash 150,000 to Okun to provide him with fund to participate in the venture. They sold all the goods at the end of the trade fair, 14th April, 2010. Their cash transactions are as follows:
Osu. Okun
N. N
Shop rent 2,500 200
Purchases 125,000 95,000
Courage inwords 1,200 500
Shop assistant wages 1,500
Publicity 3,000 1,000
Traveling expenses 10,700 11,900
Sales 250,00 190,000
Sundry expenses 700 500

You are required to prepare:
i. Joint venture account with each venture
ii. Memorandum joint venture account?

In Achievers University
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Asked by Owobii on 15th July, 2025