6. The following joint operations account reflects the transactions of the arrangement ofABC, DEF, GHI as recorded by each operator.Merchandise-DEFPurchase-ABCMerchandise -GHISelling Expense-ABCFreight-ABCJOINT OPERATION1,912,500 4,590,000 Cash Sales- ABCMerchandise-DEF787,500 272,2501,575,000 945,000 Cash Sales- ABC90,00078,750It was agreed that profit or losses are to be as follows 20%,30% and 50% for ABC, DEFand GHI respectively. Compute for the amount to be received by DEF in the finalsettlement.

Cash sales- ABC 4,590,000 Merchandise - DEF 272,250 Cash Sales-ABC 945,000 Less:…

Answered: Compute for the amount to be received…

Business

Accounting

Compute for the amount to be received by DEF in the final

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. Profit or loss shall be divided equally. On the joint operation’s completion date, the books of A, the appointed manager, show the following account balances: Debit Credit JO – Cash 80 Joint operation 20 B Co. 60 C Co. 40 A’s share in the joint operation’s profit is ₱16. A agreed to be charged for the unsold merchandise. How much is the cost of unsold merchandise charged to A? ___________________________
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Subject - account Please help me. Thankyou.
BDO and OSD formed a joint operation to buy and sell certain merchandise. Their capital contributions and profit and loss ratios are presented below: Contributions Cash P & L Ratio Merchandise BDO P 5,000 P 8,000 50% OSD 6,000 50% A summary of the joint operation activities is as follows: Purchases of merchandise by OSD Expenses paid by OSD: P 4,000 P 400 Taxes and licenses Freight on merchandise contributed by BDO Delivery expense on merchandise sold Sales (all of the merchandise contributed and purchased by OSD and one-half of those contributed by 300 200 BDO) – selling price 14,000 The joint operation is terminated. Compute the share of OSD in income?
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Journalize the transaction in the books of Home Office, Branch EE, and Branch XX.