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How much will be adjustment necessary on december

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Q1. The following accounts were found in the ledger of LOVE Company on December 31 of the current year: Dr. Accounts Receivable - P356,800; Cr. Allowance for bad debts - P8,760; Cr. Cash Sales - P913,800; Cr. Credit Sales - P1,851,000. Analysis indicates that 5% of the outstanding accounts receivable will not be collected. How much will be adjustment necessary on December 31 for Allowance for bad debts?

Q2. The list price of a secondhand van was P300,000 at a local car dealership. However, a customer convinced the dealer to sell the van for P250,000 (the van had cost the dealer P200,000). The amount of revenue that would be recognized as a result of the sale is:

Q3. The following information pertains to CHR Corp. for the year.

Net assets, Jan. 1, 2021- P1,008,480

Net assets, Dec. 31. 2021- P2,112,960

Share capital issued in 2021- P335,520

Dividends declared in 2021- P195,120

How much is the profit (loss)?

Reference no: EM133093185

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