Question
A, B and C's operation has just ended. B, the appointed manager, had the following accounts in his books before closing entries: Dr. JO -
A, B and C's operation has just ended. B, the appointed manager, had the following accounts in his books before closing entries: Dr. JO - Cash - 800, Cr. Payable to A - 105, Cr. Payable to C - 200. The joint operation's profit was P420. B took the unsold inventory costing P30.Requirement: Compute for the balance in Joint Operation account before distribution of profit.*
a. P495
b. P450
c. P390
d. P885
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
