Helen, Ian and Jane have formed a joint venture to grow and sell vegetables. The vegetables will be grown on land owned by Helen. Ian will help with the cultivation and harvesting of the vegetables. Jane has agreed to be responsible for selling the produce at local markets. It was agreed that profits and losses on the joint venture should be shared equally.

The following details are available.

Prepare joint venture accounts in the books of:

a. Helen

b. Ian

c. Jane; and

d. The memorandum joint venture account.

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It was agreed that Helen should be entitled to a wage of $400 and lan $900 for their work in growing the vegetables. May 31 June 15 Jane purchased a second-hand van tor $5 200 to help transport the vegetables to markets. Jane received $2 400 for sales of vegetables and paid one-third of this amount to Helen and one-third to lan. 30 July 31 Jane banked a further $5 200 from the sale af vegetables. Aug 3 lan agreed to take the remaining vegetables for personal use for an agreed amount of $200. 14 It was agreed that Jane should receive a 5% commission on all sales proceeds. 28 The second-hand vehicle was sold by lan and he received a cheque for $4 500. 31 Helen, lan and Jane settled the amounts owed or owing to each other by cheque.