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Question - At the beginning of 2021, Gala company purchased equity securities to 5 points held for trading for P5,000,000. The entity also paid commission, taxes and other transaction costs amounting to P200,000. The securities had a market value of P5,500,000 at year-end. No securities were sold during the year. In the year 2022, 60% of the investments were sold. Proceeds from the sale amounted to P3,450,000 which is net of transaction costs amounting to P125,000. On December 31, 2022, the fair value of the investment is 40% more than the carrying amount at the end of 2021. What total gain/loss on trading securities should be reported in the income statement for 2022?
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Cash received from debtors during the period amounted to $3 000, then calculate the closing balance of the control account for accounts receivable
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Income Distribution of a Partnership (Appendix) Louise Abbott and Buddie Costello are partners in a comedy club business. The partnership agreement specifies the manner in which income of the business is to be distributed. Louise is to receive a sala..
The company had goods costing $8,000 on consignment with a customer, Determine the correct amount of ending inventory at December 31, 2011
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