On January 1, 2011, Vallo, Tyler and Syria formed a joint operation for the sale of certain merchandise. Syria is to manage the joint operation. Vallo was to provide funds and Tyler was to supply merchandise to be sold by Syria. They agreed to divide profits and losses equally. The joint operation transactions from January to February are as follows: Jan 1: Tyler sent merchandise to Syria valued at P12,000. Freight of P500 paid by Syria. Vallo sent Syria, P10,000 cash. Syria purchased additional merchandise for cash worth P9,500. Syria sold merchandise on account for P16,000. Collection of account, P15,000. Syria sold merchandise for cash, P9,000. The joint operation was terminated and settlements to participants were made. Syria agreed to take the unsold merchandise at P3,000 and is to be charged for the uncollected accounts at face value. 7: 26: 31: Feb 20: 27: 28: How much would Syria receive (pay) during cash settlement?

On January 1, 2011, Vallo, Tyler and Syria formed a joint operation for the sale of certain merchandise. Syria is to manage the joint operation. Vallo was to provide funds and Tyler was to supply merchandise to be sold by Syria. They agreed to divide profits and losses equally. The joint operation transactions from January to February are as follows: Jan 1: Tyler sent merchandise to Syria valued at P12,000. Freight of P500 paid by Syria. Vallo sent Syria, P10,000 cash. Syria purchased additional merchandise for cash worth P9,500. Syria sold merchandise on account for P16,000. Collection of account, P15,000. Syria sold merchandise for cash, P9,000. The joint operation was terminated and settlements to participants were made. Syria agreed to take the unsold merchandise at P3,000 and is to be charged for the uncollected accounts at face value. 7: 26: 31: Feb 20: 27: 28: How much would Syria receive (pay) during cash settlement?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 27P

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