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 YOU MAY treat  each party as a creditor while passing J.V 

you may treat each party as creditors, under the gropu of creditors for exp. under sundry creditors head.

you can treat them as creditors for expenses

I support Devanshi, treating them a party shall not be justifibale(although it is not incorrect)

and advetisement payable should be used when advertisement expenses outstanding is a continous phenomenon, as u said some time your enterprise need to give Add, crediting Advertisement Payble will not appear good(although not wrong)

if you are using tally then create group in other liabilities ---------liability for expenses-----and open each party ledger under this head

in manual accounting mr -manmohan is right