7. Artist and Accountant entered into a joint venture to export certain picture to the U.S.A. For this purpose, a Joint Banking Account was opened and Accountant deposited Rs. 8,000 from his resources. Artist supplied eight pictures which were to be valued at Rs. 12,000. The following expenses were incurred from the Joint Bank Account : Rs. 1,700 Rs. 600 Gallery expenses Freight and postage Rs. 400 Advertisement Insurance. Commission to an agent in U.S.A. Sundry expenses Rs. 1,800 Rs. 700 The agent from the U.S.A. sent two drafts totalling Rs. 25,000 being the sale proceeds of seven pictures. One picture was given as present to the agent for good work done by him. The profit and/or loss of the joint venture to be shared as to Artist 2/3rd and Accountant 1/3rd. Prepare Joint Venture Account, Joint Venturer's Account and Joint Banking Account. [Ans Prof Rs. 300 from amch sh 100 a pur eter pa str mp al k ey t