QUESTION FOUR Kojo and Yao agreed to enter into a joint venture in the retail business. Profits and losses are to be shared equally. The following transactions too place during the second quarter of 2020 of the venture: Kojo purchases and paid for goods Kojo paid for transport and storage GHC 100,000 10,000 Yao paid for sales and distribution expenses 60,000 Sales made for cash Kojo 75,000 Yao 125,000 Goods purchased for cash Kojo Yao 70,000 110,000 Transport and storage paid by Kojo 15,000 General expenses paid: Kojo 11,000 Yao 6,000 Sales made for cash Kojo Yao Sales and distribution expenses paid by Yao Yao took over the remaining stock at an agreed valuation of GHC 12,000 You are required to prepare: i. The joint venture accounts in the books of Kojo and Yao ii. The joint venture memorandum account 140,000 120,000 52,000