This document discusses joint ventures and provides an example transaction. It explains that a joint venture is a temporary partnership between two or more parties to undertake a business venture. Transactions related to the joint venture are recorded in a joint venture account. At the end, profits and losses are split according to the agreement and a memorandum joint venture account is prepared to calculate each partner's share. The document also includes two practice exercises, providing additional examples of recording joint venture transactions and calculating partner shares.