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Prepare adjusting entries to reflect events after reporting

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Reference no: EM132497863

Point 1: The audit of Anne Company for the year ended December 31, 2013 was completed on March 1, 2014. The financial statements were signed by the managing director on March 15, 2014 and approved by the shareholders on March 31, 2014. The next events have occurred.

Point 2: On January 15, 2014, a customer owing P200,000 to Anne Company filed for bankruptcy. The financial statements included an allowance for doubtful accounts pertaining to this customer only of P100,000

Point 3: Anne Company's issued share capital comprised 100,000 ordinary shares with P100,000 par value. The entity issued additional 25,000 shares on March 1, 2014 at par value.

Point 4: Specialized equipment costing P525,000 purchased on September 1, 2013 was destroyed by fire on December 15, 2013. Anne Company has booked a receivable of P400,000 from the insurance entity.

Point 5: After the insurance entity completed its investigation on February 1, 2014, it was discovered that the fire took place due to negligence of the machine operator. As a result, the insurer's liability was zero on this claim.

Question 1: Prepare the adjusting entries to reflect the events after reporting period.

Reference no: EM132497863

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