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R, S and T formed a joint venture. R is to act as manager and is designated to record the joint venture accounts in his books. As manager, R is allowed to a salary of P120,000; remaining profit or loss is to be divided equally. The following balances appear at the end of 2020 before adjustment for inventory and profits.
The venture is to terminate as of December 31, 2020. Unsold merchandize costing P105,000 are taken over by T. R made the settlement to S and T.
Requirements:
Question a. How much is the venture income? Explain the answer.
Question b. How much is the profit share of Re? Explain the answer.
Question c. How much is the final settlement would T Receive? Explain the answer.
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