Plant, Hoe & Reap entered into a joint venture for dealing in carrots. The transactions connected with this venture were:

You are required to show the joint venture accounts in the books of Plant, Hoe & Reap. Also show in full the method of arriving at the profit on the venture which is to be apportioned:
Plant seven-twelfths; Hoe three-twelfths; Reap two-twelfths.
Any outstanding balances between the parties are settled by cheque on 30 April.

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19X1 Jan 8 33 " 33 10 17 19 ,, 30 Feb 28 Mar 17 33 35 30 31 Plant rented land cost 156. Hoe supplied seeds cost 48. Plant employed labour for planting 105. Hoe charged motor expenses 17. Plant employed labour for fertilising 36. Plant paid the following expenses: Sundries 10, Labour 18, Fertiliser 29. Reap employed labour for lifting carrots 73. Sale expenses London paid by Reap 39. Reap received cash from sale proceeds gross 987.