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.
2017
July
1 Jack buys four TVs for a total of £3,000.
3 Jack pays for repairs £1,600.
4 Wellie pays office rent £900 and advertising expenses £300.
6 Wellie pays for packaging materials £90.
7 Wellie buys a TV in excellent condition for £1,600.
31 Jack sells the five TVs to various customers, the sales being completed on this date and totalling £8,300.
Show the relevant accounts in the books of both joint venturers.