Reference no: EM133039154
Questions -
Q1. 2 entities established a clothing business. The contractual agreement provided that the relevant activities of the business will require unanimous consent of the 2 parties. The business is not incorporated before Securities and Exchange Commission. The 2 parties equally own interest in the said business. How should the investment of the parties be accounted?
Business combination
Equity method
Joint venture
Joint operation
Q2. B, R, and Y formed a joint venture in 2010 to sell tables. They assigned R as the manager of the joint venture. They agreed to divide profits 4:6. They terminated the venture on December 21, 2011 with unsold merchandise. On this date, R's trial balance shows the following account balances before profit distribution:
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Debit
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Credit
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Joint Venture Cash
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$90,000
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Joint Venture
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23,500
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B, Capital
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$32,500
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Y, Capital
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15,600
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Y received $6,300 as her share in the joint venture profit. R agreed to be charged for the unsold merchandise as of December 31, 2010.
a. How much is the amount due to B upon final settlement?
b. How much of merchandise inventory should be charged to R?
Q3. Ba, Bi, and Bo formed a joint venture in 2010 to sell clothes. They assigned Bi as the manager of the joint venture. They agreed to divide profits equally. They terminated the venture on December 21, 2011 with unsold merchandise. On this date, Bi's trial balance shows the following account balances before profit distribution: Debits: Joint Venture Cash $90,000, Joint Venture $23,500, Bo, Capital $15,600. Credit: Ba, Capital $32,500. Bi received $5,300 as her share in the joint venture profit. Bi agreed to be charged for the unsold merchandise as of December 31, 2010. What is the amount due to Ba upon final settlement?
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