MENCHU and OSANG in a joint venture, contributed P24,000 each in order to

purchase canned goods which were sold by lots at a closing-out sale. They agreed
to divide their profits equally and each shall record his purchases, sales and
expenses in his own books. After selling almost all the canned goods, they wind up
their venture. The following are the venture transactions:

Joint Venture credit balances were OSANG, (P19,200) and MENCHU, (P16,800).
Expenses paid from Joint Venture cash were P2,400 by OSANG and P3,120 by
MENCHU. Cost of unsold canned goods which OSANG and MENCHU agreed to
assume were P720 and P1,120 respectively.
5. The total sales of the joint venture were:
a. P 89,520 c. P 85,840
b. P 84,000 d. P 95,280

6. In the final settlement, the amount due to OSANG including her

investment was:
a. P42,200 c. P41,280
b. P41,040 d. P42,480