Ollier and Avon enter a joint venture, to share profits or losses equally, resulting from dealings in second-hand cars. 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.

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19X3 Jan 1 " 31 Mar 1 Apr 12 Aug 10 99 31 Ollier buys three cars for 900. Ollier pays for repairs and respraying of vehicles 60. Avon pays garage rental 20 and advertising expenses 10. Avon pays for licence and insurance renewal of vehicles, 36. Avon buys a vehicle in excellent condition for 100. Ollier sells the four vehicles, to various clients, the sales being completed on this date, totalling 1,600. Show the relevant accounts in the books of both partners.