40.2A Frank entered into a joint venture with Graham for the purchase and sale of robot mowers. They agreed that profits and losses should be shared equally. The following transactions took place: (a) Frank purchased mowers for 120,400 and paid carriage 320. (b) Graham purchased mowers for 14,860 and paid carriage 84. (c) Graham paid to Frank 70,000. (d) Frank sold mowers for 104,590 and sent a cheque for 50,000 to Graham. (e) Graham sold for 19,200 all the mowers he had purchased. (f) The unsold mowers in the possession of Frank were taken over by him at a valuation of 40,000. (g) The amount due from one venturer to the other was paid and the joint venture was dissolved. You are required to prepare: (i) a statement to show the net profit or loss of the joint venture, and (1) the accounts for the joint venture in the books of Frank and Graham. 40.2A Frank entered into a joint venture with Graham for the purchase and sale of robot mowers. They agreed that profits and losses should be shared equally. The following transactions took place: (a) Frank purchased mowers for 120,400 and paid carriage 320. (b) Graham purchased mowers for 14,860 and paid carriage 84. (c) Graham paid to Frank 70,000. (d) Frank sold mowers for 104,590 and sent a cheque for 50,000 to Graham. (e) Graham sold for 19,200 all the mowers he had purchased. (f) The unsold mowers in the possession of Frank were taken over by him at a valuation of 40,000. (g) The amount due from one venturer to the other was paid and the joint venture was dissolved. You are required to prepare: (i) a statement to show the net profit or loss of the joint venture, and (1) the accounts for the joint venture in the books of Frank and Graham