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What is the amount of gross purchases

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Question - The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019:

2020: Accounts payable - P3,500,000; Notes payable - P4,000,000

2019: Accounts payable - P2,500,000; Notes payable - P1,500,000

On July 1, 2020, the company issued a one-year, 12% note for a bank loan of P1,000,000. All other notes payable arose from purchases of merchandise. Total payment to suppliers in 2020 amounted to P11,000,000, after purchase discount of P250000. During 2020, company returned defective merchandise costing P500,000. What is the amount of gross purchases for 2020 under the accrual basis?

Reference no: EM133117716

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