10. The BOD of Nancy Inc. authorized the set-up of petty cash fund on December 1, 2020 with an imprest balance of P30,000. The following transactions occurred in December in relation to the petty cash fund.

December 1A check amounting to P30,000 was drawn payable to Jo Torres, custodian.

Jo Torres presented the following petty cash vouchers with supporting documents for replenishment. Currencies on hand was at P16,000.

PCV #/DateParticularsAmount

101/Dec.5UtilitiesP5,000

102/Dec.9Office Supplies4,500

103/December 13Advances to employees3000

What is the amount of the replenishment check on December 15?

11. The following information was included in the bank reconciliation for Reason Co. for July:

Checks & charges recorded by bank in July, including a 1,232,600

July service charge of P2,800

Service charge made by bank in June and recorded in1,200

Books in July

Total credits to cash in all journals in July1,222,000

Customer's NSF check returned as a bank charge in6,000

July (no entry made in books)

Customer's NSF check returned in June, recorded by 15,000

The company in July

Outstanding checks in July 31300,000

Checks issued in July for P20,000 recorded by the company as 2,000

Erroneous bank charge in July20,000

Erroneous bank credit in June corrected in July30,000

Erroneous bank receipt in June corrected in July5,000

Assume all other reconciling items are listed above, what were the total outstanding checks at the end of June?

12. On December 15, 2020, Mar Company established an imprest cash fund for P 10,000 by writing a check drawn against its general checking account. On December 31, 2020, the fund was replenished and contained the following:

Currencies and coins3,000

Receipt for office Supplies4,000

Receipt for postage (P500 is still unused)2,000

Receipt for transportation600

On December 31, the company wrote a check to replenish the fund.

What is the petty cash fund balance to be reported in the statement of financial position as of December 31, 2020?

13. Michael Company provided the following information about accounts receivable on December 31, 2020:

0-60 days outstanding6,000,0005% uncollectible

61-120 days outstanding4,500,00010% uncollectible

Over 120 days outstanding5,000,0001,250,000 uncollectible

During 2020, the entity wrote off P700,000 in accounts receivable and recovered P300,000 that had been written off in prior years. On January 1, 2020, the allowance for uncollectible accounts was P500,000.

Under the aging method, what amount of uncollectible accounts expense should be reported for 2020?

14. On December 31, 2020, Elisha Company sold a machine in exchange for a noninterest bearing note requiring ten annual payments of P400,000. The first payment was made on December 31, 2020. The market interest rate for similar notes at date of issuance was 8%.

PeriodPresent value of 1 at 8%Present value of ordinary annuity of 1 at 8%

90.506.25

100.466.71

On December 31, 2020, what amount should be reported as note receivable?

15. The financial statement of Anne Company included in the following information for 2020:

January 1December 31

Accounts receivable1,200,000

Allowance for doubtful accounts60,000

Sales8,000,000

Cash collected from customers7,000,000

The cash collection included a recovery of P10,000 from a customers whose account had been written off s worthless in 2019. During 2020, it was necessary to recognized doubtful accounts expense of P100,000 and write off worthless customers' accounts P30,000. On December 31, 2020, a customer settled an account by issuing a 12% six-month note for P400,000.

What is the net realizable value of accounts receivable on December 31, 2020?