The pandemic that stroke our country in early March 2020, affected the operations of many manufacturing industries due to importation of some of the raw materials. In that regard, in month of March 2021, two entrepreneurs, Janet and Atieno, agreed to pool their resources together. They agreed to share the joint venture profits and losses in the ratio of 3:2 respectively. Janet sent Atieno a cheque of Sh. 2,400,000 on 15 March 2021 to provide her with funds for Janet's participation in the joint venture. Janet and Atieno successfully bought goods and managed to sell all of the goods purchased by the end of April 2021. Their cash transactions appeared as follows: Settlement between Janet and Atieno was done by cheque on 30 April 2021