How did you get the final settlement of the both account and who is balancing each other

Tunde's final settlement is the amount Tunde is due from the joint venture.

• Tunde's initial contribution to Joint Bank: N20,000 (Credit to Tunde's account)
• Licensing fee paid by Tunde: N4,000 (Credit to Tunde's account)
• Tunde's share of profit: N15,200 (Credit to Tunde's account)
• Total amount due to Tunde = N20,000 + N4,000 + N15,200 = N39,200. This amount is paid from the Joint Bank Account to Tunde, thus debiting Tunde's account and crediting the Joint Bank Account.

$$\boxed{\text{Tunde's Final Settlement} = \text{N39,200}}$$

Beta's final settlement is the amount Beta is due from the joint venture.

• Beta's initial contribution to Joint Bank: N30,000 (Credit to Beta's account)
• Beta's share of profit: N22,800 (Credit to Beta's account)
• Equipment taken over by Beta: N4,000 (Debit to Beta's account, as Beta owes this to the venture)
• Total amount due to Beta = (N30,000 + N22,800) - N4,000 = N52,800 - N4,000 = N48,800. This amount is paid from the Joint Bank Account to Beta, thus debiting Beta's account and crediting the Joint Bank Account.

$$\boxed{\text{Beta's Final Settlement} = \text{N48,800}}$$

The Joint Bank Account is the central account that facilitates the final settlement.

• The balance remaining in the Joint Bank Account after all expenses were paid was N88,000.
• This remaining balance is then distributed to the co-venturers according to their final settlement amounts.
  • Payment to Tunde: N39,200
  • Payment to Beta: N48,800
• Total payments from Joint Bank = N39,200 + N48,800 = N88,000.

The Joint Bank Account's final debit balance of N88,000 is exactly offset by the total credit balances of Tunde's and Beta's accounts (N39,200 and N48,800 respectively). This means that the Joint Bank Account is cleared, and the individual co-venturers' accounts are also cleared, indicating the successful closure of the joint venture.