Wild, Wood and Bine enter into a joint venture for dealing in antique brass figures. The following transactions took place:

Required:
Show the joint venture accounts in the books of each of the three parties. Show in full the workings needed to arrive at the profit on the venture. The profit or loss was to be split: Wood one-half; Wild one-third; Bine one-sixth. Any outstanding balances between the parties were settled on 31 May 19X8.

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19X8 Mar 1 Wild rented a shop, paying 3 months' rent 150. 2 " Wood bought a motor van for 2,700. 15 4 Wood bought antiques for 650. 35 15 Bine received cash from sale proceeds of antiques 3,790. 28 Wild bought antiques for 1,200. Apr 11 Motor van broke down. Bine agreed to use his own van for the job, until cessation of the joint venture, at an agreed charge of 400. 13 Motor van bought on Mar 2 was sold for 2,100. Proceeds were kept by Wild. 35 15 95 " 18 30 May 4 " 35 19 31 Sales of antiques, cash being kept by Wood 780. Lighting bills paid for shop by Bine 120. Bine bought antiques for 440. General expenses of shop paid for 800, Bine and Wild paying half each. Antiques sold by Bine 990, proceeds being kept by him. Joint venture ended. The antiques still in stock were taken over at an agreed valuation of 2,100 by Wood.