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Problem - Dirk, Terry and Josh formed a joint operation. The contractual arrangement provides that Dirk is to manage the joint operation and is to receive a fee of 15% of the profit after deduction of the fee as an expense of the joint operation, the net profit, after the fee has been agreed to be divided as follows: Dirk, 25%; Terry, 40% and Josh, 35%. After five months, the joint operation is terminated. The trial balance prepared by Dirk show the following balances:
Debit
Credit
Investment in Joint Operation
P45,000
Terry, capital
P2,500
Josh, capital
10,000
The joint operation has still some unsold merchandise worth P12,500. Dirk agreed to purchase such at cost. The fee of Dirk has not yet been taken up. What is the net profit of the joint operation after the fee to Dirk?
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