Reference no: EM132640845

Problem 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