J and P formed a joint venture to purchase and sell a special type of merchandise. The ventures agreed to contribute cash of P30, 000 each to be used in purchasing the merchandise and to share profits and losses equally. They also agreed that each shall record his purchases, sales and expenses in their own books Upon termination of the joint venture, the following data are made available:

J P

Joint Venture 26,000 CR 23,400 CR

Inventory Taken 800 2,500

Expenses paid from JV Cash 1,200 2,200

How much cash is to be received by A in the final settlement? And why is it 55,500 please provide complete solution.