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Problem 1: Vista, a voluntary health and welfare organization, received a donation of P100,000 to be spent in accordance with the wishes of the institution's Board of Trustees. This donation should be reported on the statement of activities as:
a. Unrestricted revenue.
b. Temporarily restricted revenue
c. Other income - gifts.
d. Permanently restricted revenues
Problem 2: Home Care, Inc., a nongovernmental voluntary health and welfare organization, received two contributions in 2003. One contribution of P250,000 was restricted for use as general support in 2004. The other contribution of P200,000 carried no donor restrictions. What amount should Home Care report as temporarily restricted contributions in its 2003 statement of activities.
a. P250,000
b. P200,000
c. P0
d. P450,000
You have ascertained that the bank cashed a cheque on this account, in the amount of $6,500, Prepare the bank reconciliation at the end of September
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Nevertire Ltd purchased a delivery van costing $52,000. Record the adjusting entries for the depreciation at 30 June 2021 using diminishing balance method
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