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Prepare entries on the repossession

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A sale on installment basis was made In 2017 for P16,000 at a gross profit of P5,600. At the end of 2018, when the Installment account receivable had a balance of P7,0m, It was ascertained that the customer would not be able to make further payments. The merchandise was then repossessed. It was estimated that the repossession can be resold for P6,000 after reconditioning the same at P1,500 and a commission of 10%. Required: Prepare entries on the repossession.

Reference no: EM133206267

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