Solution-How much amount to be presented loans and

How much amount to be presented loans and receivables

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Question - On December 31, 2014, the "Receivables" account of G Company shows a debit balance of P5,950,000 Subsidiary details show the following:

Accounts Receivable, P725,000; Notes Receivable, P100,000; Installment receivable, normally due 1 year to two years P300,000; Customer's account s reporting credit balances arising from sales returns, P30,000; Advance payment for purchase of merchandise, P150,000; Cash advances to subsidiary , P400,000; Claim from insurance company, P15,000; Subscription receivable due in 60 days, P300,000; Accrued interest receivable, P10,000, Deposit on contract bids, P3,000,000 and Advances to shareholders (collectible in 2016), P 1,000,000. How much is the amount to be presented as "loans and receivables" under current assets section of the statement of financial position?

Reference no: EM132928894

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How much amount to be presented loans and receivables

Reference no: EM132928894

Reference no: EM132928894

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