Sa, Nah, Pasa formed a joint operation. Sa is to act as managing jointoperator and is designated to record the joint operation accounts in hisbooks. As manager, he is allowed a salary of P12,000. Remaining profit(loss) is to be divided equally.The following balances appear at the end of20x0 before adjustments for joint operation's inventory and profits. Jointoperations cash (dr). 51,000; Nah, capital (dr), 6,000; Pasa capital (cr).30,000. The arrangement is to terminate on December 31, 2020 withunsold merchandise costing P13,000. Assuming that the joint operationsloss is P1,000, what is the balance of the Joint Operation's account beforethe distribution of profit?P17,000(Cr)15,000(Dr)14,000(Dr)16,000(Dr)Kara and Mia formed a joint arrangement to acquire and sell a special typeof merchandise. Kara is to manage the joint arrangement and to furnish thecapital. The joint operations are to share equally any gain or loss on thejoint operations. On April 1,2020, Mia sent Kara P10,000 cash, which was allused to purchase merchandise, Kara paid freight of P240 on themerchandise purchased. On April 27, one half of the merchandise was soldfor P7,200 cash. Kara paid the cost of delivering merchandise to customerswhich amounted to P260. No further transactions occurred until the end ofthe month. The profit(loss) of the joint arrangement for the month ofApril.2020 is:

Joint Operations:-Joint operation is the joint arrangement between the parties where parties are…

Sa, Nah, Pasa formed a joint operation. Sa is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is allowed a salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x0 before adjustments for joint operation's inventory and profits. Joint operations cash (dr), 51,000; Nah, capital (dr), 6,000; Pasa capital (cr). 30,000. The arrangement is to terminate on December 31, 2020 with unsold merchandise costing P13,000. Assuming that the joint operations loss is P1,000, what is the balance of the Joint Operation's account before the distribution of profit?

Sa, Nah, Pasa formed a joint operation. Sa is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is allowed a salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x0 before adjustments for joint operation's inventory and profits. Joint operations cash (dr), 51,000; Nah, capital (dr), 6,000; Pasa capital (cr). 30,000. The arrangement is to terminate on December 31, 2020 with unsold merchandise costing P13,000. Assuming that the joint operations loss is P1,000, what is the balance of the Joint Operation's account before the distribution of profit?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 14P

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Kath, Julia and Janel formed a joint operation. Kath is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is allowed a salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x6 before adjustments for joint operation’s inventory and profits. Joint operations cash (dr), P48,000; Julia, capital (dr), 3,000; Janel, capital (cr), P27,000. The arrangement is to terminate on December 31, 20x6 with unsold merchandise costing P10,400. Assuming that the joint operations profit is P5,000, what is the balance of the Joint Operation’s account before the distribution of profit?
Sa, Nah, Pasa formed a joint operation. Sa is to act as managing joint operator and is designated to record the joint operation accounts in his books. As manager, he is allowed a salary of P12,000. Remaining profit (loss) is to be divided equally.The following balances appear at the end of 20x0 before adjustments for joint operation’s inventory and profits. Joint operations cash (dr), 51,000; Nah, capital (dr), 6,000; Pasa capital (cr), 30,000. The arrangement is to terminate on December 31, 2020 with unsold merchandise costing P13,000. Assuming that the joint operations loss is P1,000, what is the balance of the Joint Operation’s account before the distribution of profit?
Cersei and Jaime are joint operators who agreed to share profits and losses equally. The parties appointedJaime 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 profits and losses equally. The parties appointedJaime 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: 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 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: 4. How much is the unsold inventory?5. Assuming Cersei takes the unsold inventory, how much will Cersei receive as cash settlement if the joint operation will be liquidated at the end of the year?6. Assuming Cersei takes the unsold inventory, how much will Jaime receive as cash settlement if the joint operation will be liquidated at the end of the year?
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: 1. How much is the profit of the joint operation? 2. How much is Jaime's share in the profit? 3. How much is Cersei's share in the profit? 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…
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:1. How much is the profit of the joint operation?2. How much is Jaime's share in the profit?3. How much is Cersei's share in the profit?4. How much is the unsold inventory?5. Assuming Cersei takes the unsold inventory, how much will Cersei receive as cash settlement if the joint operation will be liquidated at the end of the year?6. Assuming Cersei takes the unsold inventory, how much…
Reyes and Santos formed a joint operation to acquire and sell a particular lot of merchandise Reyes was to manage the operation and to furnish the capital, and the operators were to share equal in any gain or loss. On June 10, 2024. Santos sent Reyes P10.000 cash, which was immediately used to purchase merchandise which cost P10,000. Reyes paid freight of P240 on the merchandise purchased. On June 24, one half merchandise was sold for P7,200 cash. Reves paid the cost of delivering merchandise to customers, which amounted to P260. No further transactions occurred on June 30, 2024. 1. The profit (loss) of the operation for the period June 10 - June 30, 2024 is: 2.On June 30, 2024 after recognizing the profit (loss) on the uncompleted operation, the account of Santos on the books of Reyes will show a debit (credit) balance of:
D, E and F formed a joint operation. They agreed on the following: F is the appointed as the manager. As compensation, F is entitled to a ₱120 salary plus bonus of 25% of profit after deducting the salary and the bonus. However, F will be charged for the cost of any unsold inventory. Interest of 10% per annum is allowed to D’s and E’s capital contributions. Any remaining profit or loss is divided equally. The joint operation was complete after a year. The following were the transactions: D contributed cash of ₱400 and merchandise costing ₱ 800. E contributed merchandise costing ₱1,600. E paid freight of ₱80 in the transfer. F purchased merchandise worth ₱400 using D’s cash contribution. F paid expenses of ₱800 using his own cash. F made total sales of ₱3,200. All inventories were sold except one-half of those contributed by E. How much is the joint operation’s profit after deduction for salary but before deduction for bonus? ______________________ 2. On the cash…
Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $40,000 and $30,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances. Revenues were$668,000 and expenses were $520,000, for a net income of $148,000.a. Determine the division of $148,000 net income for the year.b. Provide journal entries to close the (1) revenues and expenses and (2) drawing accounts for the two members.c. If the net income was less than the sum of the salary allowances, how would income be divided between the two members of the LLC?
Two sole proprietors, L and M, agreed to form a partnership on January 1, 20x4. The trial balance L M Book Value Fair Value Book Value Fair Value Cash P 40,000 P 40,000 P 30,000 P 30,000 Accounts receivable (net) 60,000 52,000 70,000 56,000 Merchandise Inventory 100,000 94,000 100,000 114,000 Building (net) 280,000 320,000 250,000 280,000 Furniture and Fixtures (net) 60,000 64,000 40,000 44,000 Accounts payable 110,000 110,000 80,000 80,000 Mortgage payable 200,000 200,000 150,000 150,000 L, Capital 230,000 M, Capital 260,000 The LM partnership will take over the assets and assume the liabilities of the proprietors as of January 1, 20x4. Determine the total assets after formation of the partnership
Alfa Company is liquidating. It has the following account balances: Cash $5,000, Non-cash assets $60,000, Liability $31,000, A Capital $15,000, B Capital $17,800, and C Capital $1,200. The company sold its non-cash assets for $84,000 and the income ratios of the partners are 3:2:1 respectively. The balance of C, Capital after paying liabilities is: (Show your calculation)