how much of each venturer (participant) receive in the final settlement?a. A – none ; B – P11,412; C – P14,568. b. A – P4,545; B – P11,212; C – P10,932. c. A – P5,070; B – P11,212; C – P10,932. d. A – P4,545; B – P11,412; C – P14,568. The following joint venture account reflects the transactions of the venture of A, B and C as recorded byeach Venturer (participant).2023Nov. 5 Merchandise -C17 Merchandise - B22 Freight-in-ADec. 3 Purchase - A13 Selling Expenses-AJoint Venture12,75010,5005255,250600Nov. 18 Cash Sales - ACash Sales - ADec. 1228 Merchandise - B30,6006,3001,815Distributions of gains or losses are to be trade as follows: A -50%; B-30% ; and C - 20%. The venture is toclose on December 31, 2023:

A joint venture is the venture or a business set-up in which multiple ventures or separate…

Answered: how much of each venturer (participant)…

Business

Accounting

how much of each venturer (participant) receive in the final settlement?

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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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

how much of each venturer (participant) receive in the final settlement?

a. A – none ; B – P11,412; C – P14,568.

b. A – P4,545; B – P11,212; C – P10,932.

c. A – P5,070; B – P11,212; C – P10,932.

d. A – P4,545; B – P11,412; C – P14,568.

The following joint venture account reflects the transactions of the venture of A, B and C as recorded by
each Venturer (participant).
2023
Nov. 5 Merchandise -C
17 Merchandise - B
22 Freight-in-A
Dec. 3 Purchase - A
13 Selling Expenses-A
Joint Venture
12,750
10,500
525
5,250
600
Nov. 18 Cash Sales - A
Cash Sales - A
Dec. 12
28 Merchandise - B
30,600
6,300
1,815
Distributions of gains or losses are to be trade as follows: A -50%; B-30% ; and C - 20%. The venture is to
close on December 31, 2023:

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