Question 8 (1 point) In December 2020, Kiki and Lala contribute P6,000 each to buy and chocolates during Valentines and divide profits in the ratio of 4:6, respectively, Cash purchases amount to P5,000, expenses are P1,400 and cash sales are P12,000. The unsold fruits are taken by Kiki and are charged to him for P600 or 40% of cost. How much is the net income of the joint operation? Question 9 (3 points) Teresa and Gabriela in a joint operation, contributed P35,000 each in order to purchase merchandise which were sold in lots at a closing-out sale. They agree to divide their profits equally and each shall record her purchases, sales and expenses in her own books. After almost all merchandise had been sold, they wind up their operation. The following are the venture transactions: Teresa Gabriela Purchases of merchandise P35,000 P35.000 Expenses paid from JT Operation Cash 1,500 2.000 JT Operation credit balances (25,000) (20.000) Undisposed merchandise upon termination of JO 1,200 All transactions for the joint venture are in cash. The operators are to take over the unsold marchandise at costmerchandise had been sold, they wind up their operation. The following are the venture transactions: Teresa Gabriela Purchases of merchandise P35,000 P35,000 Expenses paid from JT Operation Cash 1,500 2,000 JT Operation credit balances (25,000) (20,000) Undisposed merchandise upon termination of JO 800 1.200 All transactions for the joint venture are in cash. The operators are to take over the unsold merchandise at cost. (1) Calculate the not profit of the joint operation undertaking Ay (2) Compute the amount of sales of the joint operation. Ay (3) Determine the amount of cash Gabriela would receive/(pay) from/to Teresa upon final cash settlement by the venturers. Question 10 (3 points) Lovely and Pretty in a joint operation, contributed P28,000 each in order to purchase canned goods which were sold by lots at a closing out sale. They agreed to divide their profits equally and each shall record his purchases, sales and expenses in her own books, After selling almost all the canned goods, they wind up their operation. The following are the operation transactions