Joint operation

2. A, B, and C agreed to form a joint operation. Prot or loss of the joint operation shall be divided equally. The following were the transactions during the year: 3. Inventory costing P 200 was sent by A to B. b. Freight paid by A on the inventories sent to B amounted to P 10. c. Cash of P 400 was sent by C to B to be used to purchased additional inventory. d. B purchased additional inventory amounting to P500. P100 of which were made on account of B. e. Cash sales made by amounted to P 1.600. f. Operating expenses amounting to P110 were paid by B using his own cash- 9. Unsold inventory at year-end amounted to P 60. h. The joint operation is liquidated and C is charged the unsold inventory at cost. Requirements: Provide all the necessaryjcumal entries assuming: a. No separate books are maintained for the joint operations. b. Separate books are maintained for the joint operation. 3. The following are the transactions of a joint operation formed by A. B and C during the year: a. A contributed cash of P 200 and merchandise costing P 400. b. B contributed merchandise costing P 800. Freight-in paid by B is P 40. c. C made purchases amounting to P 200 using the cash contributed by A. d. C paid expenses of P 400 using its own cash. e. C made total sales of P 1,600. All the merchandise was sold except one-half of those contributed by B. f. C is appointed as the manager of the joint operation. AS compensation. C is entitled to a P 60 salary plus bonus of 25% on prot after salary but after bonus. 9. Interest of 10% per annum is allowed to A and B's capital contributions. h. C is charged for the cost of any unsold inventory. Prot or loss after necessary adjustment shall be divided equally. Requirements: Compute for the following: a. Prot or loss after salaries and bonus of the joint operation. b. Cash settlement between the joint operators