The joint operation accounts in the books of the operators, Jam, Jem, and Jim, show the balances below, upon the termination of the joint operation and distribution of the profits: Accounts Jam Dr (Cr) Jem Dr (Cr) Jim Dr (Cr) Jam - P5,000 P5,000 Jem P8,000 - 8,000 Jim (13,000) (13,000) - REQUIRED: The final settlement of the joint operation will require payment as follows: 3. Amount paid by Jam to Jim ____________ 4. Amount paid by Jem to Jim ___

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The joint operation accounts in the books of the operators, Jam, Jem, and Jim, show the balances below,
upon the termination of the joint operation and distribution of the profits:
Accounts Jam Dr (Cr) Jem Dr (Cr) Jim Dr (Cr)
Jam - P5,000 P5,000
Jem P8,000 - 8,000
Jim (13,000) (13,000) -
REQUIRED:
The final settlement of the joint operation will require payment as follows:
3. Amount paid by Jam to Jim ____________
4. Amount paid by Jem to Jim ___

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