CHAPTER 6: JOI NT ARRANGEMENTS 16. Berlin and Rio are participants in a joint arrangement for the purchase through bidding and sales of surplus auto parts from La Casa. The winning bid price of P400,000 was paid equally by Berlin and Rio, constituting their investments in joint arrangement. They agreed that each record his own purchases, sales, and expenses in his own books and share profit and losses equally. After seven months, the arrangement was terminated, and the following data is available: Berlin Rio Joint arrangement account Expenses paid Inventory taken Company 155,000 7,500 Company 175,000 15,000 18,000 5,500

CHAPTER 6: JOI NT ARRANGEMENTS 16. Berlin and Rio are participants in a joint arrangement for the purchase through bidding and sales of surplus auto parts from La Casa. The winning bid price of P400,000 was paid equally by Berlin and Rio, constituting their investments in joint arrangement. They agreed that each record his own purchases, sales, and expenses in his own books and share profit and losses equally. After seven months, the arrangement was terminated, and the following data is available: Berlin Rio Joint arrangement account Expenses paid Inventory taken Company 155,000 7,500 Company 175,000 15,000 18,000 5,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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