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V and R formed a joint venture on January 1, 2020 to operate two stores to be managed by each participant. They agreed to contribute cash as follows: V - P300,000; R - P200,000. Profits and losses are to be divided in the capital ratio. All venture transactions are for cash. Cash receipts and disbursements of the business during the 4-month period handled through the participant's personal bank account are as follows:
On April 30, the remaining non-cash venture assets in the hands of the participants were sold for P600,000. The venture is terminated and settlement is made between V and R.
Requirements:
Problem a. How much is the venture profit (loss) for the 4-month period after selling the remaining venture assets? Explain the answer.
Problem b. Using the information, the P600,000 is divided between the participants as what amount? Explain the answer.
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