Kindly read and follow the instructions before you answer.1. Solutions must be in GOOD ACCOUNTING FORM.2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided.A, B, and C formed a joint operation. The following were taken from the joint operation's books:DebitCreditJO- Cash80B, Capital60C, Capital88The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance ofthe joint operation account before distribution of profit? Kindly read and follow the instructions before you answer.1. Solutions must be in GOOD ACCOUNTING FORM.2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided.The following are the transactions of a joint operation formed by A, B and C during a year:> A contributed cash of P400 and merchandise costing P800.> B contributed merchandise costing P1,600. Freight-in paid by B is P80.> C made purchases amounting to P400 using the cash contributed by A.> C paid expenses of P800 using its own cash.> C made total sales of P3,200. All the merchandise was sold except one-half of thosecontributed by B.> Cis appointed as the manager of the joint operation. As compensation, C is entitled to aP120 salary plus bonus of 25% on profit after salary and bonus.> Interest of 10% per annum is allowed to A and B's capital contributions.Cis charged for the cost of any unsold inventory. Profit or loss after necessary adjustmentsshall be divided equally.How much is the profit or loss after salaries but before bonus of the joint operation?

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Kindly read and follow the instructions before you answer. 1. Solutions must be in GOOD ACCOUNTING FORM. 2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided. A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO- Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before distribution of profit?

Kindly read and follow the instructions before you answer. 1. Solutions must be in GOOD ACCOUNTING FORM. 2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided. A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO- Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before distribution of profit?

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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