Brisk, Whisk and Frisk agree to sell construction tools for a period of one month. Brisk agrees to construct a stand on the front of the lawn of Frisk. Frisk will be paid P2,500 for cleaning up the lawn after the one month selling period. Brisk, Whisk and Frisk decide that net income, if any will be allocated first by the P2,500 payment to Frisk and then by a 40% commission on individual sales. The balance will be distributed 75% to Brisk and 25% to Whisk. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the individual. Sales to Brisk, Whisk and Frisk are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost. The activity of the joint operation is as follows: a. Brisk construct the stand on the front of the lawn at a cost of P10,000; b. Brisk pays for P100,000 for various construction tools. Frisk pays P5,000 for permit to operate the concession or business; Brisk purchases additional construction tools for P150,000, using P50,000 contributed by Whisk and P100,000 of personal money, d. Sales for the period were as follows: Brisk, P170,000; Whisk, P260,000; and Frisk, P60,000; e. Frisk pays P9,000 for office supplies and these are distributed equally between Brisk, Whisk, and Frisk for their personal use at home. Frisk agrees to pay P5,000 for the stand. f. The balance of construction tools inventory was taken by Brisk. Requirement: Determine the net income of the joint operation. c. Jan 1: 7: On January 1, 2011, Vallo, Tyler and Syria formed a joint operation for the sale of certain merchandise. Syria is to manage the joint operation. Vallo was to provide funds and Tyler was to supply merchandise to be sold by Syria. They agreed to divide profits and losses equally. The joint operation transactions from January to February are as follows: Tyler sent merchandise to Syria valued at P12,000. Freight of P500 paid by Syria. Vallo sent Syria, P10,000 cash. Syria purchased additional merchandise for cash worth P9,500. Syria sold merchandise on account for P16,000. Feb 20: Collection of account, P15,000. 27: Syria sold merchandise for cash, P9,000. The joint operation was terminated and settlements to participants were made. Syria agreed to take the unsold merchandise at P3,000 and is to be charged for the uncollected accounts at face value. How much would Syria receive (pay) during cash settlement? 26: 31: 28: The statement of affairs of Darrell Putix Co, indicates that unsecured creditors without priority with total daims of 2720,000 may expect to recover only P288,000 after all the assets were sold. Among the creditors of Darrell Putix Co. are the following: Government - taxes payable of P400,000, inclusive of P80,000 assessments and surcharges. XYZ bank - loan payable of P4,000,000 and accrued interest of P200,000, backed by collateral security with realizable value of P4,800,000. Alpha Financing Co. - loan payable of P3,200,000 backed by collateral security with realizable value of P2,000,000 Mr. Bombay - Ioan payable of P1,000,000 and accrued interest of P200,000. No collateral security. How much is the expected recovery of partially secured creditors? Your answer Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April 30, 2011. The statement of financial position on that date shows: Assets Cash Accounts Receivable Notes Receivable Inventories Prepaid Expenses Land and Buildings Equipment Liabilities P 2,700 Accounts Payable P 52,500 39,350 Notes Payable - PNB 15,000 18,500 Notes Payable - Suppliers 51,250 87,850 Accrued Wages 1,850 950 Accrued Taxes 4,650 61,250 Mortgage Bond Payable 90,000 48,800 Ordinary Share P100 par 75,000 Accumulated Profit (Deficit) (30,850) P259,400 P259,400 Accounts receivable of P16,110 and notes receivable of P12,500 are expected to be collectible. The good notes are pledged to Phil. National Bank. Inventories are expected to bring in P45,100 when sold under bankruptcy conditions. Land and building have an appraised value of P95,000. They serve as security on the bonds. The current value of the equipment, net of disposal cost is P9,000. The expected recovery percentage rounded off is: 48% 50% 67% 0 47% Apple, Samsung, Lenovo, and Huawei are partners with interests of P60,000 (30%); P65,000 (20%); P26,000 (10%) and P90,000 (40%) to Apple, Samsung, Lenovo, and Huawei each, respectively. Assume that the partners admit Oppo into the partnership. Oppo is to invest P50,000 and to purchase 1/4 of the capital balances of Samsung and Lenovo for P25,000 with the assets being adjusted. Oppo is to have 20% share in the new partnership and a 15% share in the profits and losses. The agreed capital of the partnership after the admission of Oppo is P310,000. Determine the capital balance of Apple after the admission of Oppo