Problem 1 (2 pts) AKASHA INC., BANE CORP. and CHEN CO. The joint operators shall make initial contributions P10,000 each. Profit and loss shall be divided equally. The following data relate to the joint operation's transactions: BANE CHEN AKASHA P8,000 cr. Joint Operation P10,000 cr. P12,000 cr. Expenses paid from JO cash 5,000 2,000 3,000 4,000 Value of inventory taken 5,000 6,000 REQUIREMENTS: (a) Compute for the joint operation's sales; (b) Determine the cash settlement to AKASHA.

Problem 2 (6 pts) LICH CORP. and FURION INC. incorporated DOTA INC. to manufacture a microchip to be used by the incorporating entities as component for their final products of cellular phones and tablets. The contractual agreement of the incorporating entities provided that the decisions on relevant activities of DOTA INC. will require the unanimous consent of both entities. LICH and FURION have rights the assets and obligations for the liabilities, relating to the arrangement. The ordinary shares of DOTA will be owned by LICH and FURION in the ratio of 60:40. At the end of first operation of DOTA, the financial statements provided the following data: Inventory P1,000,000 Accounts payable 3,000,000 5,000,000 Land Building Note payable Loan payable Share capital Retained earnings Sales revenue P2,000,000 1,000,000 4,000,000 1,000,000 1,000,000 5,000,000 The contractual agreement of LICH and FURION also provided for the following concerning the assets and liabilities of DOTA INC: LICH owns the land and incurs the loan payable of DOTA INC. FURION owns the building and incurs the note payable of DOTA INC. The other assets and liabilities are owned or owed by LICH and FURION on the basis of their capital interest in DOTA INC. The sales revenue of DOTA includes sales to LICH and FURION in the amount of P1,000,000 and P2,000,000, respectively. As of the end of the first year, LICH and FURION were able to resell 30% and 60% of the inventory coming from DOTA to third persons. REQUIREMENTS: What is the amount of total assets, total liabilities and sales revenue to be reported by both LICH and FURION, respectively?

AKASHA INC., BANE CORP. and CHEN CO. The joint operators shall make initial contributions P10,000 each. Profit and loss shall be divided equally. The following data relate to the joint operation's trancartinne. AKASHA. Problem 2 (6 pts) LICH CORP. and FURION INC. incorporated DOTA INC. to manufacture a microchip to be used by the incorporating entities as component for their final products of cellular phones and tablets. The contractual agreement of the incorporating entities provided that the decisions on relevant activities of DOTA INC. will require the unanimous consent of both entities. LICH and FURION have rights to the assets and obligations for the liabilities, relating to the arrangement. The ordinary shares of DOTA will be owned by LICH and FURION in the ratio of 60:40. At the end of first oderation of DOTA. the financial statements provided the followina data: The contractual agreement of LICH and FURION also provided for the following concerning the assets and liabilities of DOTA INC: - LICH owns the land and incurs the loan payable of DOTA INC. - FURION owns the building and incurs the note payable of DOTA INC. - The other assets and liabilities are owned or owed by LICH and FURION on the basis of their capital interest in DOTA INC. - The sales revenue of DOTA includes sales to LICH and FURION in the amount of P1,000,000 and P2, 000,000, respectively. As of the end of the first year, LICH and FURION were able to resell 30% and 60% of the inventory coming from DOTA to third persons. REQUIREMENTS: What is the amount of total assets, total liabilities and sales revenue to be reported bV both LICH and FURION, respectivelv