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How much is the profit of the joint operation

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Reference no: EM132701200

Problem - A and B formed a joint operation. The following were the transactions during the year:

 

A

B

Total purchases

400

320

Total sales

480

240

Expenses paid

800

 

Other income

 

40

The joint operation was completed at the end of the year. Each joint operator is entitled to a 10% commission on its purchases and a 20% commission on its sales Any remaining profit or loss is divided equally.

Required -

1. How much is the profit (loss) of the joint operation?

2. On the cash settlement between the joint operators, B pays A.

Reference no: EM132701200

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