BURGOS and CASINO are participants in a joint venture for the purchase through bidding and sales...

 

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BURGOS and CASINO are participants in a joint venture for the purchase through bidding and sales of surplus auto spare parts from CAB. The winning bid price of P400,000 was paid equally by BURGOS and CASINO, constituting their investments in the joint venture. They agreed that each record his purchases, sales, and expenses in his own books and share profits and losses equally. After 7 months, the joint venture was terminated and the following data relate to the joint venture Joint venture account Expenses paid from JV cash Cost of auto parts taken 1. How much is the joint venture's sales ? 2. In the final settlement, how much will BURGOS receive ? BURGOS P155,000 CR 7,500 5,500 CASINO P175,000 CR 15.000 18,000 3. OVIEDO, PRIETO and QUICHO formed a joint venture to bankroll a series of cultural shows for the Philippine Centennial celebration. OVIEDO and PRIETO agreed to contribute cash and QUICHO was to manage the affairs of the joint venture. QUICHO was to receive a bonus of 25% of the net income after bonus, OVIEDO and PRIETO were to be allowed interest on their capital contributions at 6% per annum, and any remainder was to be divided equally among the three partners. After a year, the joint venture was terminated and the following information was provided: original capital contibutions were P1,815,000 and P2,475,000, respectively, from OVIEDO and PRIETO. QUICHO sold tickets worth a total of P6,600,000 and QUICHO paid expenses of P1,899,1 out of joint venture funds. How much was the joint venture's net income after the bonus to QUICHO ? 4. Renato and Samboy are asked by the ABC to handle the marketing of a benefit basketball game Being avid fans, they readily accepted the offer and formed a joint venture. To achieve an equitable distribution of earnings, they agreed that the partner who finances the purchase of tickets shall be entitled to a 20% commission, the partner who makes ticket sales shall be entitled to a 25% commission, and any remainder was to be divided equally. After the game was over, the following information was obtained: Renato purchased tickets worth P26,125; Samboy advanced P4,125 for expenses, and ticket sales made by Renato and Samboy, respectively were P22,000 and P16,500 How much was Samboy's share in the net income or loss of the joint venture ? BURGOS and CASINO are participants in a joint venture for the purchase through bidding and sales of surplus auto spare parts from CAB. The winning bid price of P400,000 was paid equally by BURGOS and CASINO, constituting their investments in the joint venture. They agreed that each record his purchases, sales, and expenses in his own books and share profits and losses equally. After 7 months, the joint venture was terminated and the following data relate to the joint venture Joint venture account Expenses paid from JV cash Cost of auto parts taken 1. How much is the joint venture's sales ? 2. In the final settlement, how much will BURGOS receive ? BURGOS P155,000 CR 7,500 5,500 CASINO P175,000 CR 15.000 18,000 3. OVIEDO, PRIETO and QUICHO formed a joint venture to bankroll a series of cultural shows for the Philippine Centennial celebration. OVIEDO and PRIETO agreed to contribute cash and QUICHO was to manage the affairs of the joint venture. QUICHO was to receive a bonus of 25% of the net income after bonus, OVIEDO and PRIETO were to be allowed interest on their capital contributions at 6% per annum, and any remainder was to be divided equally among the three partners. After a year, the joint venture was terminated and the following information was provided: original capital contibutions were P1,815,000 and P2,475,000, respectively, from OVIEDO and PRIETO. QUICHO sold tickets worth a total of P6,600,000 and QUICHO paid expenses of P1,899,1 out of joint venture funds. How much was the joint venture's net income after the bonus to QUICHO ? 4. Renato and Samboy are asked by the ABC to handle the marketing of a benefit basketball game Being avid fans, they readily accepted the offer and formed a joint venture. To achieve an equitable distribution of earnings, they agreed that the partner who finances the purchase of tickets shall be entitled to a 20% commission, the partner who makes ticket sales shall be entitled to a 25% commission, and any remainder was to be divided equally. After the game was over, the following information was obtained: Renato purchased tickets worth P26,125; Samboy advanced P4,125 for expenses, and ticket sales made by Renato and Samboy, respectively were P22,000 and P16,500 How much was Samboy's share in the net income or loss of the joint venture ?

Answer rating: 100% (QA)

1 To determine the joint ventures sales we need to calculate the total sales made by BURGOS and CASI... View the full answer