Reference no: EM132638950

Question -

1. V, I and P form a joint operation for the sale merchandise. P is to contribute the merchandise, while V is to act as the manager and I 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 investments. The balance of the profit on the operation is to be divided equally among the three participants. On July 1, 2020, I and P contributed merchandise of P 66,000 and P 90,000, respectively. For the period between July 1 and October 1, V sold operation merchandise on account for P 240,000, of which he collected P 229,500, allowed sales discounts of P 4,050, and wrote off P 6,450 as uncollectible. V paid joint operation expenses of P 58,560 from the operation cash. On October 1, the joint operation was terminated and unsold merchandise was returned at the following values: to I, P 15,000, and to P, P 11,400. Cash settlement was completed by V on the same day. The cash settlement received by I and P, respectively are?

2. OO, PP, and QQ formed a joint operation to bankroll a series of cultural shows for the Philippine Centennial celebration. OO and PP agreed to contribute cash and QQ was to manage the affairs of the joint operation. QQ was to receive a bonus of 25% of the net income before bonus, OO and PP were to be allowed interest on their capital contributions at 6% per annum, and any remainder was to be divided equally among the three partners. After a year, the joint operation was terminated and the following information was provided: original capital contributions used to purchase tickets, were P 1,815,000 and P 2,475,000, respectively, from OO and PP; QQ sold tickets worth a total of P 6,600,000; and QQ paid expenses of P 1,899,150 out of joint operation funds. How much was the joint operation's net income after the bonus to QQ?

3. On September 30, 2019 R, S, and T agreed on a joint operation to sell their common stock shares of the Golden Copper Mines. Gains and losses are to be shared in proportion to the contributed shares. R contributes 6,000 shares, which had cost him P 42 a share; S gave 10,000 shares, which had cost P 58 each and T 4,000 shares which had cost P 62 per share. The par value of the shares was P 40 and when the operation began market value was P 50 a share. On October 20 he sold 4,500 shares for P 44 a share and P 3,000 expenses incurred. On November 1, Golden Copper distributed a stock dividend of 20%. T sold 5,000 shares, ex-stock dividend, on November 5 for P 25 a share. On November 15, Golden Copper paid a cash dividend of P 1 per share. On November 22, he sold 6,000 shares for P 28. On December 20, the remainder of the shares were sold for P 35 a share. T's expenses were P 4,700. The 20,000 shares contributed to the operation should be valued at?