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Compute for the amount to be received by DEF in the final

Compute for the amount to be received by DEF in the final

FINANCIAL ACCOUNTING
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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The following joint operations account reflects the transactions of the arrangement of ABC, DEF, GHI as recorded by each operator. Merchandise-DEF Purchase-ABC Merchandise -GHI Selling Expense-ABC Freight-ABC JOINT OPERATION 1,912,500 4,590,000 Cash Sales- ABC Merchandise-DEF 787,500 272,250 1,575,000 945,000 Cash Sales- ABC 90,000 78,750 It was agreed that profit or losses are to be as follows 20%,30% and 50% for ABC, DEF and GHI respectively. Compute for the amount to be received by DEF in the final settlement.
Transcribed Image Text:The following joint operations account reflects the transactions of the arrangement of ABC, DEF, GHI as recorded by each operator. Merchandise-DEF Purchase-ABC Merchandise -GHI Selling Expense-ABC Freight-ABC JOINT OPERATION 1,912,500 4,590,000 Cash Sales- ABC Merchandise-DEF 787,500 272,250 1,575,000 945,000 Cash Sales- ABC 90,000 78,750 It was agreed that profit or losses are to be as follows 20%,30% and 50% for ABC, DEF and GHI respectively. Compute for the amount to be received by DEF in the final settlement.
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