Feel Na Feel has signed several long-term notes with financial institutions. The maturities of these notes are given in the schedule below. The total unpaid interest for all of these notes amounts to P600,000 on March 31, 2020. The company’s fiscal year runs from April 1 to March 31 Due Date Amount Due April 1, 2020 P 400,000 July 1, 2020 600,000 October 1, 2020 300,000 January 1, 2021 300,000 April 1, 2022 – March 31, 2023 1,200.000 April 1, 2023 – March 31, 2024 1,000,000 April 1, 2024 – March 31, 2025 800,000 April 1, 2025 – March 31, 2026 1,000,000 5,600,000 Required : Compute the current portion of the notes payable at March 31, 2020.
NOTES PAYABLE
Feel Na Feel has signed several long-term notes with financial institutions. The maturities of these notes are given in the schedule below. The total unpaid interest for all of these notes amounts to P600,000 on March 31, 2020. The company’s fiscal year runs from April 1 to March 31
Due Date Amount Due
April 1, 2020 P 400,000
July 1, 2020 600,000
October 1, 2020 300,000
January 1, 2021 300,000
April 1, 2022 – March 31, 2023 1,200.000
April 1, 2023 – March 31, 2024 1,000,000
April 1, 2024 – March 31, 2025 800,000
April 1, 2025 – March 31, 2026 1,000,000
5,600,000
Required :
Compute the current portion of the notes payable at March 31, 2020.
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