What is the total collection from sales?What is the total payments for merchandise purchase?What is the total receipts per books? For nos. 17 to 22:On January 2. 2021. PBA Company was organized by Alfrancis Chua. The following items ore from the company's frial balanceon December 31. 2021.LandBuildingFurniture and fixturesP1. 200. 0001. 600. 000437.000Accounts receivableAccounts payable - supplierNotes payable- bank (A 2-year bank loan for P950. 000 wastaken out by the company during the year)Sales234 000235.000950. 0003. 680. 000Operating expenses (including depreciation of P 600 000)Ordinary share capitalShare premium900.0002.300. 00050.000ALL sales and purchases during the year were made on account, PBA Company s mark up on sales is 30% Based on the year-endphysical count of inventories. it was determined that goods amounting to PTO 000 are still on hand.Additional information are as followsDeposit in transit. December 31Service charge for DecemberOutstanding checks. December 31Bank balance becember 31P255 0001. 000201 000149 000

We are given a trial balance of PBA Company which has ventured into business from January 2021. We…

Answered: What is the total collection from…

What is the total collection from sales? What is the total payments for merchandise purchase? What is the total receipts per books

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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What is the total collection from sales? What is the total payments for merchandise purchase? What is the total receipts per books?

For nos. 17 to 22:
On January 2. 2021. PBA Company was organized by Alfrancis Chua. The following items ore from the company's frial balance
on December 31. 2021.
Land
Building
Furniture and fixtures
P1. 200. 000
1. 600. 000
437.000
Accounts receivable
Accounts payable - supplier
Notes payable- bank (A 2-year bank loan for P950. 000 was
taken out by the company during the year)
Sales
234 000
235.000
950. 000
3. 680. 000
Operating expenses (including depreciation of P 600 000)
Ordinary share capital
Share premium
900.000
2.300. 000
50.000
ALL sales and purchases during the year were made on account, PBA Company s mark up on sales is 30% Based on the year-end
physical count of inventories. it was determined that goods amounting to PTO 000 are still on hand.
Additional information are as follows
Deposit in transit. December 31
Service charge for December
Outstanding checks. December 31
Bank balance becember 31
P255 000
1. 000
201 000
149 000

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