The company provides for an allowance for bad debts equivalent to 3% of total receivables. Receivables balance is P2,000,000. The allowance for bad debts has a balance of P45,000 and P50,000 at the start and end of the year, respectively. P30,000 of previous accounts were actually found to be worthless and were written off. What is the deduction for bad debts for taxation purposes? * O 15,000 O 25,000 30,000 35,000

The company provides for an allowance for bad debts equivalent to 3% of total receivables. Receivables balance is P2,000,000. The allowance for bad debts has a balance of P45,000 and P50,000 at the start and end of the year, respectively. P30,000 of previous accounts were actually found to be worthless and were written off. What is the deduction for bad debts for taxation purposes? * O 15,000 O 25,000 30,000 35,000

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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