Dwight and Zamran formed a joint venture, sharing profits and losses equally. They agreed to purchase a quantity of electrical goods from a wholesale business that was closing down. The following transactions occurred.

Prepare joint venture accounts in the books of:

a. Dwight

b. Zamran

c. The memorandum joint venture account.

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2015 Dwight paid $12 400 for some of the clectrical goods; Zamran paid $7 200 for the remaining items. Payments were made by cheque. Feb 1 3 Dwight paid by cheque for the goods to be taken to a storage unit, $750. Zamran paid $560 for rent of the storage unit by cheque. Zamran received $10 800 for sales of goods. 15 Dwight paid advertising costs of $280 by cheque. 23 Dwight received $14 230 for sales of goods.