Joint venture

Use the following information of the next two questions: A. B. and C formed a joint operation for the sale of assorted fruits during the Christmas season. Their transactions during the two-month period are summarized as below: Joint Operation Nov. 5 Merchandise -A 8.50 Nov- 15 Cash sales 020.400 12 Merchandise -B 7.0 18 Cash sales C 4.200 14 Freight-in-C 200 30 Merchandise - B 1.210 Dec. 10 Purchases C 3,500 Dec. 25 Unsold Mdse. charged to A 540 22 Selling expenses 550 The joint arrangement provided for the division of gains and losses among A. B and C in the ratio of 2:3:5. The joint operation is to close on December 31 . 2008. 5. What is the joint operation prot? a. (6.600) b. 6.600 c. 8.060 d. (6.060) 8. What is the amount of cash that A will receive on nal settlement? a. 9.280 b. 9.?12 c. 8.500 d. 1.212 Use the following information for the next two questions: A and B 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 joint operation transactions in their individual books. After one year. they decided to terminate the joint operation. and data from their records were: A B Joint operation 18.000 Cr 20.200 Cr Expenses paid from JO cash 1.850 2.600 Value of inventory taken 1.000 1.800 7. How much is the joint operation sales? a. 84,670 0. 88.450 c. 92,650 d. 93.950 8. How much is the joint operation prot? a. 32,880 b. 34.650 c.41.000 d.42.7'50