Opinion ID: 1726225
Heading Depth: 1
Heading Rank: 1

Heading: Joint venture accounting.

Text: The trial court ordered the appointment of a certified public accountant as a master under Rule of Civil Procedure 207. The master examined the records of the joint venture and filed his report with the court. He was also examined and cross-examined at the trial. His allocation of certain items of expense to the joint venture and to them personally give rise to some of Schrecks' complaints on this appeal, even though the trial court did not consider those matters in the decree. We have examined the report of the special master and based upon it, and the other evidence presented at trial, conclude modifications in the accounting must be made. After Schrecks served notice in May, 1970, of their intention to terminate the joint venture at the end of the year, they entered into a contract with third parties to sell them their interest in the joint venture for $58,000. That sale agreement provided: