On 2019, an instalment sales account balance of 2008 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance defaulted was P24,000. 17. The gross profit rate in 2019? a. 30% b. 40% c. 35% d. 45% 18. The balance of the deferred gross profit account as at the end of 2019 was a. 218,400 b. 228,000 c. 275,000 d. 450,000 19. How much is the gain or loss on repossession? a. Gain P600 b. Loss P1,800 c. Loss P9,000 d. Gain P1,800

On 2019, an instalment sales account balance of 2008 was defaulted and the merchandise, with current market value of P15,000, was repossessed. The account balance defaulted was P24,000. 17. The gross profit rate in 2019? a. 30% b. 40% c. 35% d. 45% 18. The balance of the deferred gross profit account as at the end of 2019 was a. 218,400 b. 228,000 c. 275,000 d. 450,000 19. How much is the gain or loss on repossession? a. Gain P600 b. Loss P1,800 c. Loss P9,000 d. Gain P1,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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