In 2019, entity A sold goods to its subsidiaries (entities B and C) for P500,000 and P400,000, respectively. In 2019, entity A sold goods to its associates (entities D and E) for P50,000 and P40,000 respectively. On 31 December 2019 entities B, C, D and E owed entity A P200,000, P100,000, P20,000 and P10,000, respectively. The terms and conditions of the sales to entities B, C, D and E are the same as for sales to independent third parties, ie list price on 30 days’ interest-free credit. In 2019, entity A purchased raw materials from its owner (Mr. A) for P125,000. Mr. A supplies raw materials to entity A at a discount of 20 per cent on the price at which he supplies other customers that purchase similar quantities of raw materials. In common with other customers, Mr. A supplies entity A with raw materials on 30 days’ interest-free credit. On 31 December 2019 entity A reported that it had reimbursed Mr. A’s expenses of P400,000 for leisure trips. How much is the total amount of related party transactions to be disclosed for 2019 financial statements?
In 2019, entity A sold goods to its subsidiaries (entities B and C) for P500,000 and P400,000, respectively. In 2019, entity A sold goods to its associates (entities D and E) for P50,000 and P40,000 respectively. On 31 December 2019 entities B, C, D and E owed entity A P200,000, P100,000, P20,000 and P10,000, respectively. The terms and conditions of the sales to entities B, C, D and E are the same as for sales to independent third parties, ie list price on 30 days’ interest-free credit. In 2019, entity A purchased raw materials from its owner (Mr. A) for P125,000. Mr. A supplies raw materials to entity A at a discount of 20 per cent on the price at which he supplies other customers that purchase similar quantities of raw materials. In common with other customers, Mr. A supplies entity A with raw materials on 30 days’ interest-free credit. On 31 December 2019 entity A reported that it had reimbursed Mr. A’s expenses of P400,000 for leisure trips. How much is the total amount of related party transactions to be disclosed for 2019 financial statements?
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