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What is the amount of gross purchases

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Question - Imo Company maintains its accounting records on the cash basis. During 2020, it paid a total of P350,000 to supplier, net of P10,000 purchase discount. Upon examination of additional evidence, the following information was obtained:

 

01/01/2020

12/31/2020

Accounts payable

P110,000

P170,000

Advances to supplier

55,000

20,000

Advances from customer

65,000

40,000

Required - What is the amount of gross purchases for 2020 applying the accrual basis?

a. P455,000 c. P440,000

b. P265,000 d. P385,000

Reference no: EM133182322

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