Reference no: EM132797148
Questions -
Q1. Bank of the Philippine Islands has loaned P12,000 to Aina Company using a 60-day non-interest-bearing note. The bank discounted the note at 12%. The proceeds of the loan will be
A. P12,000
B. P12,240
C. P11,760
D. P240
Q2. Justine Company received the proceeds of P48,750 from discounting a P50,000, 90-day note at Metrobank. The discount rate used by the bank in computing the proceeds was
A. 10.26%
B. 10.00%
C. 9.75%
D. 6.25%
Q3. On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual interest rate is 5%. Principal and interest are paid in cash at the maturity date of June 30, 2020. If Maricris's fiscal year ends September 30, 2019, an adjusting entry is needed to:
A. Increase notes receivable by P1,000
B. Increase notes receivable by P250
C. Increase interest receivable by P250
D. Increase interest revenue by P1,000
Q4. Bruno received from a customer a one-year, P375,000 note bearing note bearing annual interest of 8%. After holding the note for six months, Bruno discounted the note at Super Bank at an effective interest rate of 10%. If the discounting is treated as a conditional sale, what amount of loss on discounting should Bruno recognize?
A. Zero
B. 9,750
C. 5,250
D. 20,250
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