ANSWER IN GOOD ACCOUNTING FORM!! THANK YOUUUUU 1. Assuming there is separate records maintained for the joint operation, compute for the Joint Operation Account of small, before distributing net income 2. Assuming there is separate records maintained for the joint operation, compute for the cash settlement for Medium UNIVSmall, Medium and Large formed a joint operation. The following were the jointoperation transactions:10 NLOUIS> Small transferred cash of P100,000 to Large, the appointed manager,representing Small's contribution> Medium contributed inventories worth P120,000.Large contributed cash of P80,000> Large purchased inventories worth P160,000 and paid freight of P20,000 usingthe cash contributions➤ Large made cash sales of P900,000➤Large paid expenses of P240,000 from Joint shAll inventories were sold except one-third from large's purchases. Large was chargedfor the cost of the unsold inventory. The joint operators agreed on the following:a. Large isis entitled to a management fee of of P6,000 and a bonus of 20% of profitentitled to a management fee of P6,000 and a bonus of 20% ofprofitafter management fee and bonus.b. Any remaining profit or loss is divided equally.

Name: ANSWER IN GOOD ACCOUNTING FORM!! THANK YOUUUUU 1. Assuming there is se
Uploaded: 2024-03-04T10:43:15.000Z
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Description: ANSWER IN GOOD ACCOUNTING FORM!! THANK YOUUUUU 1. Assuming there is separate records maintained for the joint operation, compute for the Joint Operation Account of small, before distributing net income 2. Assuming there is separate records maintained