Reference no: EM133172870
Question - Joint Venture, Butch, Alex and Roy combined their resources to buy and sell electronic gadgets imported from Singapore for a duration of three months starting October 1, 2015. Butch, as purchasing manager, will be allowed a 5% commission on net purchases. Profit is to be divided equally among them. Venture transactions are as follows:
Oct 1 Butch contributed P350,000 to the venture and required the other participants to do the same
Oct 3 Butch went to Singapore to buy the imported gadgets. Transportation, accommodation and food spent amounted to 200,000. The goods purchased amounted to 1,000,000 requiring a 50% down payment with the balance payable after three months
Oct 6 A stall was rented in Greenhills, advanced rental paid, 15,000
Oct 31 Summary of cash sales: P500,000 net of 50,000 operating expenses
Nov. 2 Advance rental was paid
Nov. 22 Total operating expenses paid, 75,000
Nov. 30 Summary of cash sales, 750,000
Dec. 1 Advance rental was paid
Dec. 25 Operating expenses paid, 125,000
Dec. 26 Butch got his 5% commission
Dec. 30 Summary of Cash sales, 1,500,000
Jan. 2 The balance due to the supplier was paid
Jan. 4 Unsold goods were taken by Alex, 20,000 and Roy 40,000
Jan. 5 Cash is distributed to the operators
Required - Prepare T-account cash get the balance and prove the cash settlement.
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