Cersei and Jaime are joint operators who agreed to share profits and losses equally. The parties appointed Jaime as the manager of the joint operation. The joint operation’s transactions during the year are as follows: a. Cersei invested inventory costing P301,497. b. Jaime invested cash of P350,393 to the joint operation. c. Jaime acquired additional inventory costing P129,564 using the joint operation’s funds. d. Jaime sells inventory costing P300,000 for P924,398 cash. e. Jaime settles expenses of P250,984 using the joint operation’s funds. No separate books are maintained for the joint operation. REQUIRED: 7. Prepare the entry for transaction (a) in Cersei’s books. 8. Prepare the entry for transaction (c) in Jaime’s books. 9. Prepare the entry for transaction (d) in Cersei’s books. 10. Prepare the entry for transaction (e) in Jaime’s books.
Cersei and Jaime are joint operators who agreed to share
Jaime as the manager of the joint operation. The joint operation’s transactions during the year are as follows:
a. Cersei invested inventory costing P301,497.
b. Jaime invested cash of P350,393 to the joint operation.
c. Jaime acquired additional inventory costing P129,564 using the joint operation’s funds.
d. Jaime sells inventory costing P300,000 for P924,398 cash.
e. Jaime settles expenses of P250,984 using the joint operation’s funds.
No separate books are maintained for the joint operation.
REQUIRED:
7. Prepare the entry for transaction (a) in Cersei’s books.
8. Prepare the entry for transaction (c) in Jaime’s books.
9. Prepare the entry for transaction (d) in Cersei’s books.
10. Prepare the entry for transaction (e) in Jaime’s books.
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