1
Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions
connected with this venture were:
2009
May 1 Bull rented land for two months for £600.
2 Craig supplied plants costing £510.
3 Bull employed labour for planting £260.
16 Craig charged motor expenses £49.
19 Bull employed labour for fertilising £180.
29 Bull paid the following expenses: Sundries £19, Labour £210, Fertiliser £74.
June 11 Finch employed labour for lifting strawberries £416.
24 Sale expenses paid by Finch £318.
26 Finch received cash from sale proceeds £2,916.
Required:
Show the joint venture accounts in the books of Bull, Craig and Finch. Also show in full the method
of arriving at the profit on the venture which is to be apportioned: Bull four-sevenths; Craig twosevenths;
Finch one-seventh.
Any outstanding balances between the parties are settled by cheque on 31 July.