In December 2020, Kiki and Lala contribute P6,000 each to buy and chocolates during Valentines and...

  

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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? 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: Purchases of merchandise Expenses paid from JT Operation Cash JT Operation credit balances Undisposed merchandise upon termination of JO Teresa P35,000 1,500 (25,000) 800 Gabriela P35,000 2,000 (20,000) 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 net profit of the joint operation undertaking. (2) Compute the amount of sales of the joint A (3) Determine the amount of cash operation. Gabriela would receive/(pay) from/to Teresa upon final cash settlement by the venturers. 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? 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: Purchases of merchandise Expenses paid from JT Operation Cash JT Operation credit balances Undisposed merchandise upon termination of JO Teresa P35,000 1,500 (25,000) 800 Gabriela P35,000 2,000 (20,000) 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 net profit of the joint operation undertaking. (2) Compute the amount of sales of the joint A (3) Determine the amount of cash operation. Gabriela would receive/(pay) from/to Teresa upon final cash settlement by the venturers.

Answer rating: 100% (QA)

1 Calculate the net income of the joint operation between Kiki and Lala Total Contributions Kikis contribution P6000 Lalas contribution P6000 Total co... View the full answer