A sale on installment basis was made in 2014 for P16,000 at a gross profit of P5,600. At the end of 2014, when the installment account receivable had a balance of P7,000, it was ascertained that the customer would be unable to make further payments. The merchandise was then repossessed and was appraised at a value of P3,000. The loss on repossession was a. 231 b. 1,550 c. 2,600 d. 3,000
A sale on installment basis was made in 2014 for P16,000 at a gross profit of P5,600. At the end of 2014, when the installment account receivable had a balance of P7,000, it was ascertained that the customer would be unable to make further payments. The merchandise was then repossessed and was appraised at a value of P3,000. The loss on repossession was a. 231 b. 1,550 c. 2,600 d. 3,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A sale on installment basis was made in 2014 for P16,000 at a gross profit of P5,600. At the end of 2014, when the installment
The loss on repossession was
a. 231 b. 1,550 c. 2,600 d. 3,000
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