Reference no: EM132736221
Question -
I. V, I and P form a Joint for the sale of merchandise. I and P are to contribute the merchandise, V is to act as the manager and is to be allowed a bonus of 25% of the profit after deduction of the bonus as expense. I and P are to be allowed 6% interest a year on their original investment. The balance of any profit on the venture is to be divided equally among the three parties.
On July 1, 2020, I and P contributed merchandise of P66,000 and P90,000 respectively. For the period between July 1 and October 1, V sold venture merchandise on account for P240,000, of this amount P229,500 was collected, allowed sales discounts of P4,050, and wrote off P6,450 as uncollectible. V paid joint venture expenses of P58,650 from the joint venture cash. On October 1, the venture was terminated and unsold merchandise was returned at the following value: to I, P15,000 and to P, P11,400. Cash settlement was completed by V on the same day.
Requirements -
a. How much is the net profit (loss) of the joint venture before the bonus to V? Explain the answer.
b. The bonus to V amounts to? Explain the answer.
c. How much is the cash settlement received by I and P? Explain the answer.
II. Ma and Me in a joint venture contributed 150,000 cah in order to purchase canned goods which were sold by lots a closing-out sale. They agreed to divide their profits equally and each shall record his purchase, sales and expenses in his own books. After selling almost all the canned goods, they wind up their venture. The following data relate to the venture transactions:
Joint venture credit balances are as follows: Me - P120,000, Ma - P105,000
Expenses paid from joint venture cash were P15,000 by Me and P19,500 by Ma
Cost of unsold canned goods which Me and Ma agreed to assume were P4,500 and P7,000 respectively
Requirements -
a. How much is the total sales of the joint venture? Explain the answer.
b. How much is the share of Ma on the venture profit? Explain the answer.
c. How much is the final settlement due to Me including his investment? Explain the answer.
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