Question
On January 2, 2016 ABI CO. entered into joint agreement classified as joint venture. For an investment of Php 500,000.00, ABI Co. obtained 40% interest
On January 2, 2016 ABI CO. entered into joint agreement classified as joint venture. For an investment of Php 500,000.00, ABI Co. obtained 40% interest in Joint Ventures, Inc. During the year, Joint Ventures, Inc. reported profit of Php 1,000,000.00 and other comprehensive income of Php 500,000.00 for a total comprehensive income of Php 1,500,000.00. Joint Ventures, Inc. declared dividends of Php 600,000.00 during the year.
1. How much is the share in profit of the joint venture?
2. How much is the share in OCI of the joint venture?
3. How much dividend is received from join venture?
4. How much is the carrying amount of investment in joint venture on December 31, 2016?
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Cost Accounting
Authors: William K. Carter
14th edition
759338094, 978-0759338098
