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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
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