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X Ltd, Y Ltd, and Z Ltd enter into a contractual agreement on 1 July 2017 to form a joint operation (JO). The joint operation
X Ltd, Y Ltd, and Z Ltd enter into a contractual agreement on 1 July 2017 to form a joint operation (JO). The joint operation agreement states that X Ltd, Y Ltd, and Z Ltd will share output, contributions and cost in the ratio of 50:30:20 and that X Ltd, Y Ltd, and Z Ltd hold the joint operation assets as tenants in common. The initial contribution by the joint operators on 1 July 2017 and the management financial statement of the joint operation for the year ended 30 June 2018 are presented as follows:
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