Reference no: EM132770012
Question - A, B and C formed a joint operation. The following were the transactions:
a. A transferred inventory, costing 400, to C , the appointed manager. A paid freight 20 on the transfer.
b. B transferred 400 cash to C.
c. C purchased inventory worth 500. Of that amount , 400 were paid using the joint operation's cash and 100 were on account of C.
d. C made cash sales of 1,600
e. C paid operating expenses of 110 using his personal cash
The joint operation was completed and the unsold inventory worth 60 was charged to C. the profit was divided equally.
Required -
1. What is the journal entries.
2. How much is the profit or loss.
3. How much cash settlements under each of the following assumptions:
a. No separate books are maintained for the joint operation
b. Separate books are maintained for the joint operation.
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