1
Stanley and Barclay enter a joint venture to share profits or losses equally resulting from
dealings in second-hand digital TVs. Both parties take an active part in the business, each recording
his own transactions. They have no joint banking account or separate set of books.
2003
July 1 Stanley buys four TVs for a total of £1,100.
3 Stanley pays for repairs £840.
4 Barclay pays office rent £300 and advertising expenses £90.
6 Barclay pays for packaging materials £34.
7 Barclay buys a TV in excellent condition for £600.
31 Stanley sells the five TVs to various customers, the sales being completed on this date,
and totalling £3,100.
Show the relevant accounts in the books of both joint venturers