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    Seatwork Joint Arrangements

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    LJ Aggabao
    Anson and Baylon formed a joint venture. Anson contributed ₱5,000 cash and ₱8,000 worth of merchandise. Baylon contributed ₱6,000 worth of merchandise. They agreed to split profits and losses 50-50. Baylon spent ₱400 on permits, ₱300 to transport Anson's goods, and ₱200 on delivery costs. They sold ₱14,000 worth of goods, including half of what Anson contributed.

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    Seatwork Joint Arrangements

    Uploaded by

    LJ Aggabao
    128 views1 page
    Anson and Baylon formed a joint venture. Anson contributed ₱5,000 cash and ₱8,000 worth of merchandise. Baylon contributed ₱6,000 worth of merchandise. They agreed to split profits and losses 50-50. Baylon spent ₱400 on permits, ₱300 to transport Anson's goods, and ₱200 on delivery costs. They sold ₱14,000 worth of goods, including half of what Anson contributed.

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    Anson and Baylon formed a joint venture. Anson contributed ₱5,000 cash and ₱8,000 worth of merchandise. Baylon contributed ₱6,000 worth of merchandise. They agreed to split profits and losses 50-50. Baylon spent ₱400 on permits, ₱300 to transport Anson's goods, and ₱200 on delivery costs. They sold ₱14,000 worth of goods, including half of what Anson contributed.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    128 views1 page

    Seatwork Joint Arrangements

    Uploaded by

    LJ Aggabao
    Anson and Baylon formed a joint venture. Anson contributed ₱5,000 cash and ₱8,000 worth of merchandise. Baylon contributed ₱6,000 worth of merchandise. They agreed to split profits and losses 50-50. Baylon spent ₱400 on permits, ₱300 to transport Anson's goods, and ₱200 on delivery costs. They sold ₱14,000 worth of goods, including half of what Anson contributed.

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    of 1

    SEATWORK

    Anson and Baylon formed a joint arrangements. Their capital contributions, and profit and loss
    ratio are presented below:
    PROFIT
    AND
    LOSS
    CONTRIBUTIONS RATIO
    CASH MERCHANDISE

    ANSON 5,000.00 8,000.00 50%


    BAYLON
    6,000.00 50%
    A summary of the joint operations activities is presented below:
    Purchases of merchandise by Baylon P4,000
    Expenses paid by Baylon:
    Mayor's permit 400
    Freight on merchandise contributed by Anson 300
    Delivery expense of merchandise sold 200
    Sales (all of the merchandise contributed and purchased by Baylon
    and one-half of those contributed by Anson) - Selling price 14,000

    1.The balance of the joint operations account before profit or loss distribution is:
    a. P4,900
    b.14,000
    c.P14,400
    d. None

    2. The profit (loss) of the joint operations is:


    a. P(450)
    b. 750
    C. P(750)
    d. 450

    3. How much would Anson receive in the final settlement assuming he took the unsold
    merchandise at cost?
    a. P13,000
    b. 12,625
    C. P8,475
    d. 8,515

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