Brokerage

X and Y entered into a joint venture to act as underwriters of a newly formed company which issued 30,000 shares   of ~ 10 each. The extent of underwriting was 80%. They opened a joint bank account by contributing ~ 35,000 each. Public subscribed for 22,000 shares and the underwriters duly discharged their obligations in consideration of a commission of 5% which they received by cheque. Miscellaneous expenses amounting to ~ 1,500 were met out of the Joint Bank Account. X took 1,500 shares at ~ 9 per share and Y took 1,600 shares at ~ 9.50 per share. The rest of the shares  were sold at ~ 12 per share, brokerage being Re 0.50 per share. Profits on joint venture are to be shared equally. You are required to prepare the Joint Venture Account, Joint Bank Account and the Personal Accounts of X and Y.