QUESTION 1

QUESTION 2

PLEASE PRESENT IN GOOD ACCOUNTING FORM

A and B formed a joint operation. The following were the transactions during the year: A B Total purchases 400 320 Total sales 480 Expenses paid 800 Other income 40 240 The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales. Any remaining profit or loss is divided equally. On the cash settlement, how much should A received from B? Partners Percy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P250,000 Liabilities P 300,000 Noncash Assets 2,500,000 Percy, capital (40%) 900,000 May, capital (40%) 1,200,000 Anne, capital (20%) 350,000 Total Assets P 2,750,000 Total Liabilities & Capital P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. What was the selling price for the other assets