Letter D is the correct answer, please provide complete solution. LL, MM and NN formed a joint arrangement to purchase a piece of lot and to erect anapartment building for sale. LL is to manage the joint arrangement hence, he will receive abonus of 10% of the joint operation's gain before deducting the bonus as an expense. Anyremaining gain or loss is to be divided equally among the joint operators. The venture iscompleted on August 31,2013. On this date, the accounts of MM and NN show the followingbalances:Books ofNNMMAccount with LLAccount with MMP16,000 Cr.P16,000 Cr.32,000 Cr.Account with NN18,000 Dr.There are unused construction supplies which LL agreed to take over at its cost of P42,000.Final settlement with the arrangement will require payments as follows:a. LL pays NN P11,200, and MM pays NN P14,000.b. LLpays NN P25,600,and MM P14,400.c. LL pays MM P14,400, and NN pays LL P30,800.d. LL pays MM P35,600, and NN pays LL P14,400.Dayag 2013

apartment building for sale. LL is to manage the joint arrangement hence, he will rec ponus of 10% of the joint operation's gain before deducting the bonus as an expense emaining gain or loss is to be divided equally among the joint operators. The ventur completed on August 31,2013. On this date, the accounts of MM and NN show the fo palances: Books of MM P16,000 Cr. P16 3 Account with LL Account with MM

apartment building for sale. LL is to manage the joint arrangement hence, he will rec ponus of 10% of the joint operation's gain before deducting the bonus as an expense emaining gain or loss is to be divided equally among the joint operators. The ventur completed on August 31,2013. On this date, the accounts of MM and NN show the fo palances: Books of MM P16,000 Cr. P16 3 Account with LL Account with MM

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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