Bull, Craig and Finch entered into a joint venture for dealing in strawberries. The transactions connected with this venture were:

Required:

Show the joint venture accounts in the books of Bull, Craig and Finch. Also show in full the method of arriving at the profit on the venture which is to be apportioned: Bull four-sevenths; Craig twosevenths; Finch one-seventh.

Any outstanding balances between the parties are settled by cheque on 31 July.

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20X9 May #1 #1 #1 }} #1 1 Bull rented land for two months for £600. Craig supplied plants cost £510. 2 3 Bull employed labour for planting £260. 16 Craig charged motor expenses £49. 19 Bull employed labour for fertilising £180. June 11 11 24 11 Bull paid the following expenses: Sundries £19, Labour £210, Fertiliser £74. Finch employed labour for lifting strawberries £416. Sale expenses paid by Finch £318. Finch received cash from sale proceeds £2,916.