Anchalee, Bancha and Chamni form a joint venture for the sale of merchandise. Anchalee and Bancha are to contribute the merchandise and Chamni is to act a managing partner as well as sales manager and is to be allowed a commission of 2% of gross sales. Anchalee and Bancha are to be allowed 12% a year on their original investments and the balance of any profit on the venture is to be divided equally. On January 1, Anchalee and Bancha contributed merchandise of $ 200,000 and $ 280,000 respectively. Between January 1 and March 31, Chamni sold venture merchandise on account for $ 720,000 of which he collected $ 708,000 allowing for cash discount of $ 9,000 and writing off $ 3,000 as bad debts. Chamni paid joint venture expense of $ 125,000 out of joint venture cash. On April 1, the venture was terminated and unsold merchandise on hand was returned to Anchalee at $ 18,000 and Bancha $ 20,000. Cash settlement was completed by Chamni on this date. Required : 1. Assuming that a separate set of books is kept, prepare the journal entries to record the foregoing transactions on the venture books and the books of each member. 2. Assuming that a separate set of books is not kept, prepare the journal entries to record the foregoing transactions on the books of each member.