analysis of incomplete records of MAYA INCORPORATED produced the following information applicable to 2013: Summary of cash transactions were as follows: CASH RECEIPTS: Collection on accounts receivable 27,600,000 Collection on notes receivable 2,400,000 Purchase returns and allowances (note a) 500,000 Recovery of previously written off accounts (not included in the collections on accounts receivable above, note b) 70.000 CASH DISBURSEMENT: Payments on accounts payable 13,200,000 Payments of notes payable, trade 2,300,000 Sales returns and allowances (note c) 400,000 Insurance 700,000 Salaries. 10,000,000 Other expenses 1,500,000 Dividends. 1,000,000 Additional information : a) Total purchase returns and allowances amounted to P800,000. Purchase discounts taken was at P350.000. b) Write-off of accounts receivable during the year amounted to P310,000. c) Total sales returns and allowances amounted to P1,200,000. Sales discounts taken by customers was at P1,800,000. d) The following information regarding increases and decreases in relevant balance sheet accounts were also ascertained: ACCOUNT IN
An analysis of incomplete records of MAYA INCORPORATED produced the following information applicable to 2013: Summary of cash transactions were as follows: CASH RECEIPTS: Collection on
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