A Frank entered into a joint venture with Graham for the purchase and sale of robot mowers. They agreed that profits and losses should be shared equally. The following transactions took place:

(a) Frank purchased mowers for £120,400 and paid carriage £320.

(b) Graham purchased mowers for £14,860 and paid carriage £84.

(c) Graham paid to Frank £70,000.

(d) Frank sold mowers for £104,590 and sent a cheque for £50,000 to Graham.

(e) Graham sold for £19,200 all the mowers he had purchased.

(f) The unsold mowers in the possession of Frank were taken over by him at a valuation of £40,000. (g) The amount due from one venturer to the other was paid and the joint venture was dissolved. You are required to prepare: (i) a statement to show the net profit or loss of the joint venture; and (ii) the accounts for the joint venture in the books of Frank and Graham.