Pete, Hans and Ryan entered into a Joint Venture for dealing in yams. The transactions connected...

  

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Pete, Hans and Ryan entered into a Joint Venture for dealing in yams. The transactions connected with this venture were: 2016 Jan 8 Pete rented land that cost GHC156 10 Hans supplied seeds that cost GHC48 17 Pete employed labour for planting GHC105 19 Hans charged motor expenses GHC17 30 Pete employed labour for fertilizing GHC36 Feb 28 Pete paid the following expenses: Sundries GHC10, Labour GHC18, Fertilizer a/c GHC29 Mar 17 Ryan employed labour for lifting yams GHC73 30 Sales expenses paid by Ryan GHC39 " 31 Ryan received cash from sale proceeds gross GHC987. Required: Show the Joint Venture Account in the books of Pete, Hans and Ryan. Also, show the Memorandum Joint Venture Account if Pete, Hans and Ryan share profits and losses in the ratio 7:3:2. (35 marks) Pete, Hans and Ryan entered into a Joint Venture for dealing in yams. The transactions connected with this venture were: 2016 Jan 8 Pete rented land that cost GHC156 10 Hans supplied seeds that cost GHC48 17 Pete employed labour for planting GHC105 19 Hans charged motor expenses GHC17 30 Pete employed labour for fertilizing GHC36 Feb 28 Pete paid the following expenses: Sundries GHC10, Labour GHC18, Fertilizer a/c GHC29 Mar 17 Ryan employed labour for lifting yams GHC73 30 Sales expenses paid by Ryan GHC39 " 31 Ryan received cash from sale proceeds gross GHC987. Required: Show the Joint Venture Account in the books of Pete, Hans and Ryan. Also, show the Memorandum Joint Venture Account if Pete, Hans and Ryan share profits and losses in the ratio 7:3:2. (35 marks)