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How much total revenue shall be reported in t company

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Problem 1: T Company and R Company are joint operators in the development of Super OS, a mobile phone operating system. Each joint operator retains control over the assets contributed to the joint operation and share equally in the profits and losses of the joint operation. During the year, T Company earns revenue of P1,000,000 from its own operations. Sales of Super OS amount to P400,000. How much total revenue shall be reported in T Company's statement of profit or loss for the year?

a. P1,000,000

b. 1,400,000

c. 1,2000,000

d. Either P1,000,000 or P1,200,000

 

Reference no: EM132811945

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