Tax and insurance

M and N enter into a joint venture for the purchase and sale of second-hand motor cars, agreeing to share profits and losses in the ratio of 3:2. On January 15, 2015, M bought five cars for ~ 43,000 and on January 20, he paid tax and insurance ~ 1,600. On January 31, 2015, he sold these cars for ~ 58,000, out of which he remitted ~ 11,000 to N and the balance deposited into his own bank account. On January 31, 2015, N bought three cars for ~ 36,000 and he paid tax and insurance ~ 1,400 and repair charges amounting to ~ 2,000. He sold one car on February 2, 2015 for ~ 14,000 which he paid into his own bank account. M then took over the other cars at a valuation of ~ 26,000, and the venture was closed on February 10, 2015. Pass necessary journal entries in the books of M and as well as in the books of N.