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 Janets 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:

	Janet Sh.	Atieno Sh.
Sales Travelling expenses Advertising City Council charges Salaries and wages Sundry expenses Purchases Telephone expenses Insurance Transportation of goods	3,840,000 392,400 123,600 102,000 57,600 70,800 1,920,000 33,700 12,300 157,000	2,520,000 555,600 109,200 84,000 78,100 34,800 1,320,000 28,900 11,200 121,500

Settlement between Janet and Atieno was done by cheque on 30 April 2021.

Required:

(a) Memorandum joint venture account. (6 marks)

(b) Joint Venture account with Atieno in Janets ledger (7 marks)

(c) Joint Venture account with Janet in Atienos ledger (7 marks)