Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?
Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million. How much can Pamela One claim as total allowed deductions from the above donations?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pamela One donated a total amount of P500,000, 1/2 to the Makati City Hall and 1/2 to a charitable institution Home for the Aged. Upon inquiry, it was verified that the charitable institution's total receipts from donations amounted to P10 million. Its total administrative expenses reached P5 million.
How much can Pamela One claim as total allowed deductions from the above donations?
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