UK Alevel joint venture help


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A and B enter into joint venture for guaranteeing the subscription at par of 1, 00,000 shares of $ 10 each of a joint stock company. They agree to share profits and losses in the ratio of 2:3. The terms with the company are 4.5% of commission in cash and 6.000 shares of the company as fully paid up.

The public took up 88,000 of the shares and the balance shares of the guaranteed issue are taken up by A and B who provide cash equally. The commission in cash is taken by partners in the ratio of 4: 5.

The entire shareholding of the joint venture is then sold through brokers:

25% at a price of $ 9 per share;

50% at a price of $ 8.75 per share;

15% at a price of $ 8.50 per share; and the remaining 10% are taken over by A and B equally at $ 8 per share.

The sale proceeds of the shares are taken by the partners equally.

Prepare Joint Venture Memorandum Account and the separate accounts of A and B in the books of B and A respectively showing the adjustment of the final balance between A and B. Ignore interest.

please help me solve this question. i dont even know hot to begin. how to calculate the sales and the commission and all?
 
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kirby

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