Question

Kunle and Ngozi entered into a joint venture to deal in textile materials, agreeing to share profits and losses in the ratio $3:2$ respectively. Under the Memorandum Joint Venture method, where no separate set of books is maintained, the following transactions occurred:

- Kunle purchased goods for $\text{N}120,000$ and paid freight charges of $\text{N}10,000$.
- Ngozi purchased goods for $\text{N}80,000$ and paid storage fees of $\text{N}6,000$.
- Kunle incurred selling expenses of $\text{N}5,000$ and was entitled to a $5\%$ commission on sales made by him.
- Ngozi paid selling expenses of $\text{N}4,000$.
- Ngozi sold part of the venture goods for $\text{N}150,000$, while Kunle sold the remainder for $\text{N}110,000$.

Upon completion of the venture, what is the net amount payable by Ngozi to Kunle to effect final settlement?