Reference no: EM132935461
Questions -
Q1) BTS Company accepted a P400,000 face value, six-month, 10% note dated May 15 from a customer. After holding the note for two months, BTS discounted the note without recourse at Big Hit Bank at a 12% discount rate and appropriately accounted the discounting as a sale. Accrued interest was appropriately recorded prior to discounting. What was the gain or loss recognized by BTS on the sale of notes receivable?
-P3,200.00 gain
-P3,466.67 gain
-P3,466.67 loss
-P3,200.00 loss
Q2) The petty cash fund has an imprest balance of P 5,000. At the end of December 31,2020, base on the count, the petty cash drawer includes the following items: Bills & coins : 5 bills of P 1,000 3 bills of P 50 2 bills of P 100 4 bills of P 20 8 coins of P 5 5 coins of P 1 Envelope for contribution for surprise party of one employee P 1,000 Expense vouchers: Transportation 1,200 Representation 500 Office Supplies 500 Upon checking, the envelope for contribution for surprise party of one employee was found to have 180 only.
How much is the petty cash balance to be reported on December 31, 2020?
-P 2,800
-P 5,475
-P 3,620
-P 3,800
How much is the cash shortage or overage in the petty cash fund at December 31, 2020?
-P 1,855 overage
-P 2,855 shortage
-P 2,675 overage
-P 2,035 shortage
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