Use the following information for the next two questions:A, B, and C formed a joint operation. The joint operators shall make initial contributions P10 each.Profit and loss shall be divided equally. The following data relate to the joint operation'stransactions:AB8 Cr.Joint operation (before closing)Expenses paid from JO cashValue of inventory taken10 Cr.12 Cr.236421. How much were the sales of the joint operation?c. 40a. 70b. 60d. 9022. How much was A's share in the settlement?a. 25 receiptb. 20 тесeiptс. 25 раymentd. 20 payment

Solution 21: Correct option is C. 40 Solution 22: Correct option is B. 20 receipt

Use the following information for the next two questions: A, B, and C formed a joint operation. The joint operators shall make initial contributions P10 each. Profit and loss shall be divided equally. The following data relate to the joint operation's transactions: A 8 Cr. B Joint operation (before closing) Expenses paid from JO cash Value of inventory taken 10 Cr. 12 Cr. 2 3 5 4 21. How much were the sales of the joint operation? c. 40 a. 70 b. 60 d. 90 22. How much was A's share in the settlement? а. 25 гeceipt b. 20 receipt c. 25 payment d. 20 рayment

Use the following information for the next two questions: A, B, and C formed a joint operation. The joint operators shall make initial contributions P10 each. Profit and loss shall be divided equally. The following data relate to the joint operation's transactions: A 8 Cr. B Joint operation (before closing) Expenses paid from JO cash Value of inventory taken 10 Cr. 12 Cr. 2 3 5 4 21. How much were the sales of the joint operation? c. 40 a. 70 b. 60 d. 90 22. How much was A's share in the settlement? а. 25 гeceipt b. 20 receipt c. 25 payment d. 20 рayment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO - Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before 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…
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