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How much is received by m as final settlement

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Reference no: EM132694742

The following Joint Venture account reflects the transactions of the venture of H, A and M as recorded by A:

  • The venture agreement provided for the division of gains and losses among H, A, and M the ratio of 5:3:2. 
  • The venture was to close as of December 31, 2019.

Requirements:

Problem 1. The total gains from the joint venture amounts to? Explain how you arrived in your answer by using the accounting concepts.

Problem 2. How much is received by M as final settlement? Explain how you arrived in your answer by using the accounting concepts.

Reference no: EM132694742

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