Reference no: EM132971256
Question - The following events involve a loan fund of Orison Yliad University:
a. To establish the Bermeo Student Loan Fund, two sisters donated P20,000 cash and securities that cost P40,000. Market value of the securities at time of donation was P80,000.
b. The securities were later sold for P94,500. The original agreement stipulated that any gain on the sale or income received from the securities be added to the loan fund.
c. An appreciative board of trustees transferred P15,000 cash from the Unrestricted Current Fund to the loan fund.
d. Loans of P70,000 were made to students at 6% annual interest.
e. The board of trustees agreed that loans to students in the amounts of P4,500 were uncollectible. At year end, the board took action to write off the uncollectible loans outstanding of P4,500.
f. Collections on Bermeo loans amounted to P6,500 plus P225 in interest.
Required - Prepare the journal entries necessary to record the selected transactions.
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: Collections on Bermeo loans amounted to P6,500 plus P225 in interest. Prepare the journal entries necessary to record transactions
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