Question
EX-18. (ADAPTED) MM and RR agreed on a joint operation to purchase and sell car accessories. They agreed to contribute P 25,000 each to be
EX-18. (ADAPTED) MM and RR agreed on a joint operation to purchase and sell car
accessories. They agreed to contribute P 25,000 each to be used in purchasing the
merchandise, share equally in any gain or loss, and record their operation transactions in
their individual books. After one year, they decided to terminate the operation, and data
from their records were: Joint operation account credit balances: in books of MM, P
18,000; in books of RR, P 20,200, cost of car accessories taken: by MM, P 1,850; by RR,
P 2,600, expenses paid: by MM, P 1,800; by RR, P 1,000. How much was the joint
operation's sales?
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