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

20X9 Jan 8 Plant rented land cost £156.

"10 Hoe supplied seeds cost £48.

"17 Plant employed labour for planting £105.

i 19 Hoe charged motor expenses £17.

'" 30 Plant employed labour for fertilising £36.

Feb 28 Plant paid the following expenses: Sundries £10, Labour £18, Fertiliser £29.

Mar 17 Reap employed labour for lifting carrots £73.

‘" 30 Sale expenses London paid by Reap £39.

‘’ 31. ~-Reap received cash from sale proceeds gross £987.

Required:

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.