JOINT ARRANGEMENTS

5. A, B and C formed a joint operation which was completed during the year. A, the appointed manager, is entitled to a bonus of 1 [1% of the prot before deducting the bonus. Any remaining prot or loss is divided equally. On the joint operations completion date, B's and [3's books show the following balances before adjusting and closing entries: Books of 3 Books of C Account with A 16 Cr. 16 Cr. Account with B 48 Cr. Account with C 56 Dr. The unsold merchandise was charged to A at a cost of F88. 0n the cash settlement between the joint operators, a. A receives e48. b. B pays e72. c. C pays F32. d. a and c