ABC and DEF are asked by the ABC to handle the marketing of a benefitbasketball game. Being avid fans, they readily accepted the offer and formeda joint arrangement. To achieve an equitable distribution of earnings thefollowing agreement were as follows:➤ The partner who finances the purchase of tickets shall be entitled to a15% commissionThe partner who makes ticket sales shall be entitled to a 10%commission➤ Any remainder was to be divided equally.After the game was over, the following► ABC purchased tickets worth► DEFP152,250;advanced P18,250 for expenses and also purchased a ticket forP50,000; and, Reminder from the Student Handbook: Code of Ethics-24.> Ticket sales made by ABC and DEF, respectively, were P244,000 andDEF advanced P18,250for wasobtained:P53,000. Unsold ticket was used by ABC for his friends amounting toP25,000.suspension with invalidation of grade; 3rd violation- suspensionCompute the amount to be received (paid) by ABC during the settlement.CMP 131

Here given the details of the joint arrangement between the parties who share the commission for the…

ABC and DEF are asked by the ABC to handle the marketing of a benefit basketball game. Being avid fans, they readily accepted the offer and formed a joint arrangement. To achieve an equitable distribution of earnings the following agreement were as follows: ➤ The partner who finances the purchase of tickets shall be entitled to a 15% commission The partner who makes ticket sales shall be entitled to a 10% commission Any remainder was to be divided equally. After the game was over, the following information was obtained: ABC purchased tickets worth P150 250 ► ► DEF advanced P18,250 for expenses and also purchased a ticket for

ABC and DEF are asked by the ABC to handle the marketing of a benefit basketball game. Being avid fans, they readily accepted the offer and formed a joint arrangement. To achieve an equitable distribution of earnings the following agreement were as follows: ➤ The partner who finances the purchase of tickets shall be entitled to a 15% commission The partner who makes ticket sales shall be entitled to a 10% commission Any remainder was to be divided equally. After the game was over, the following information was obtained: ABC purchased tickets worth P150 250 ► ► DEF advanced P18,250 for expenses and also purchased a ticket for

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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