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.

Transcribed Image Text:

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.