Jack and Wellie enter a joint venture to share profits or losses equally resulting from dealings in second-hand TVs. Both parties take an active part in the business, each recording their own transactions. They have no joint banking account or separate set of books.

Show the relevant accounts in the books of both joint venturers.

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2022 July 1 3 4 6 7 31 Jack buys four TVs for a total of 3,000. Jack pays for repairs 1,600. Wellie pays office rent 900 and advertising expenses 300. Wellie pays for packaging materials 90. Wellie buys a TV in excellent condition for 1,600. Jack sells the five TVs to various customers, the sales being completed on this date and totalling 8,300.