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A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each. Profit and loss shall be divided equally. The following data relate to the joint operation’s transactions:   A B C Joint operation 32 Cr. 40 Cr. 48 Cr. Expenses paid from JO cash 20 8 12 Value of inventory taken 20 24 16

A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each. Profit and loss shall be divided equally. The following data relate to the joint operation’s transactions:   A B C Joint operation 32 Cr. 40 Cr. 48 Cr. Expenses paid from JO cash 20 8 12 Value of inventory taken 20 24 16

FINANCIAL ACCOUNTING
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 joint operators shall make initial contributions ₱40 each. Profit and loss shall be divided equally. The following data relate to the joint operation’s transactions:

 

A

B

C

Joint operation

32 Cr.

40 Cr.

48 Cr.

Expenses paid from JO cash

20

8

12

Value of inventory taken

20

24

16

 

  1. How much is the joint operation’s sales? ________________________

 

  1. How much is the cash settlement to B? _________________________
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