(a)[4]
Explain two advantages to Greaves and Hurst of setting up a joint venture.
(b)[6]
Calculate the amount of profit shared by Greaves and Hurst from the joint venture.
(c(i))[9]
Draw up the Greaves account for the joint venture.
(c(ii))[9]
Draw up the Hurst account for the joint venture.
(d)[6]
Advise Greaves and Hurst on whether they ought to form a partnership. Justify your answer by discussing the advantages and disadvantages of forming the partnership.