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

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.

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19X9 Jan 8 Plant rented land cost 156. " 33 10 Hoe supplied seeds cost 48. 17 Plant employed labour for planting 105. 19 30 Feb 28 Mar 17 " 33 30 31 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.