Reference no: EM133063222
Question - The following data are obtained from the single entry record records kept by Kara Company for 2019:
December 31 January 1Notes receivable 1,200,000 400,000
Accounts receivable 2,000,000 1,600,000
The cash book revealed the following receipts:
Accounts receivable (after sales discounts of P100,000) 3,000,000
Notes receivable 960,000Cash sales 800,000
Rent income 80,000Sale of equipment costing P200,000 and book value of P100,000 120,000
Investment 600,000
Accounts receivable of P120,000 were written off as uncollectible, returns of P320,000 were made on merchandise sales and an allowance of P80,000 was received on merchandise purchases.
Required - What was the amount of gross sales for 2019 under accrual basis?
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