Reference no: EM133096027
Questions -
Q1. CPA Corporation, showed a cash balance per books of P120,655 on November 30, 2021. Upon preparing the bank reconciliation statement for the month of November, the accountant made the following compound journal entry to adjust the balance of cash to its correct balance.
Dr. Cash in bank- P6,273
Dr. Accounts Receivable- P15,202
Dr. Miscellaneous Expense- P125
Cr. Notes Receivable -P20,000
Cr. Interest Revenue- P1,600
There were outstanding checks and undeposited collections amounting to P15,075 and P9,280, respectively on November 30. What was the bank statement balance on November 30, 2021?
Q2. On December 31, 2021, the CPA Finance Company had a P3,000,000 note receivable from IntAcc1 Company. The note bears 10% interest. The books reported accrued interest of P300,000 on this date. Because of financial distress suffered by IntAcc1 Company, CPA Finance agreed to the restructuring and modification of the terms as follows:
(1) Reduction of principal to P2,000,000;
(2) Reduction of interest to 7% payable annually beginning December 31, 2022;
(3) Accrued interest on December 31, 2021 is condoned; and
(4) Principal payment was reset to December 31, 2024.
How much impairment loss should CPA Finance Company record on December 31, 2021 as a result of restructuring? Round off present value figures to two decimal places.
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