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Question 1 - On December 31, 2021, ABC Company had the following cash balances: Cash in banks - P1,200,000; Petty cash funds (all funds were reimbursed on 12/31/21)- P50,000. Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements at December 31, 2021. The compensating balances are not legally restricted as to withdrawal by ABC. In the current assets section of ABC's December 31, 2021, balance sheet (statement of financial position), what total amount should be reported as cash?
Question 2 - ABC Company transferred loan assets with carrying amount and fair value of P100,000 to DEF Co. for cash amounting to P100,000. The terms of the transfer include a provision that any individual loan could be called back but the aggregate amount of loans that could be repurchased could not exceed P10,000. How much asset would be derecognized in the following transaction?
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