Reference no: EM132983615
Problem 1 - Terizla Company accepted from a customer a P2,000,000, 90-day, 12% note dated August 31, 2020. On September 30, 2020, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2020.
In the income statement for the year ended September 31, 2020, what amount should be reported as loss on note receivable discounting?
In the income statement for the years ended September 31, 2020, what amount should be reported as proceeds from the discounted note?
Problem 2 - On June 30, 2020, Benedetta Company discounted at the bank a customer's P300,000, 6-month, 10% note receivable dated April 30, 2020. The bank discounted the note at 12%.
What amount should be reported as proceeds from the discounted note?
What amount should be reported as loss on discounting?
Problem 3 - Aldous Company accepted from a customer P5,000,000 face amount, 6-month, 8% note dated at the beginning of the current year. On the same date, Aldous discounted the note with recourse at the bank at a 10% discount rate. The discounting is accounted for as a secured borrowing.
What is the interest expense to be recognized on the date of discounting?
Problem 4 - Ling Company accepted from a customer P5,000,000 face amount, 6-month, 8% note dated at the beginning of the current year. On the same date, Aldous discounted the note with recourse at the bank at a 10% discount rate. The discounting is accounted for as a conditional sale.
What is the interest expense to be recognized on the date of discounting?
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