Provision for warranty - 42,000Provision for warranty includes P20,000 estimated to be incurred beyond one year. How much will be the current liability? altsaSInstructions. Provided below is the trial balance of Kagura Corporation at December 31, 2021. In a worksheePAS 1.AccountAcc.dep.-buildingsAcc.dep-leased assetsAcc.dep.-equipmentAllowance for doubtful debtsBank loansBank overdraftsBuildings, at costCashDebenturesDeferred taxDeposits, at callEquipmentFinished goodsGoodwillIncome tax payableInvestments (FVTOCE)Investments revaluation reserveLand, at valuationLand revaluation reserveLease liabilitiesFeased assetsOther loansPatentsPrepaymentsProvision for employment benefitsProvision for restructuringProvision for warrantyRaw materialsRetained earningsShare capitalSundry creditors and accrualsSundry debtorsTrade creditorsTrade debtorsWork in progressUncamed revenueCash surrender value of life insuranceBond sinking fundInvestments (FVTPL)Land held for future useTreasury sharesBouds payableDiscounts on bonds payableAdvertising suppliesShort-term subscription receivablesDeposit to suppliersTotalDebit1,030,000.00.175,000.0036,000.008,275,000.001,042,000.002,530,000.0052,000.00250,000.00775,000.00110,000.00141,000.00490,000,00320,000.002,417,000.00151,000.0040,000.0020,000.0080,000.00270,000.0050,000.0040,000.0035,000.0010,000.00107,000.0018,476,000.00CreditOCLCP NCPCP, NCP120,000.00310,000.003,726,000.0080,000.002,215,000.0050,000.00Additional information:a. Bank loans and other loans are repayable beyond one year.b. P300,000 of the debentures is repayable within one year.c. Lease liabilities include P125,000 repayable within one year.d. Provision for employment benefits includes P192,000 payable within one year.e. The planned restructuring is intended to be completed within one year.f. Provision for warranty includes P20,000 estimated to be incurred beyond one year.675,000.00420,000.00152,000.0081,000.00CLL NC350,000.0025,000.00575,000.00275,000.00982,000.0042,000.001,481,000.003,500,000.00TOP 715,000.00TOP 1,677,000.001925,000.001,000,000.0018,476,000.00

Current liabilities are those liabilities and obligations which needs to be paid or settled within…

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Provision for warranty - 42,000 Provision for warranty includes P20,000 estimated to be incurred beyond one year. How much will be the current liability?

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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