3. ABC CO. Had the following transactions during the year:

A. Sold goods to customer W on an installment basis for P50,000.

Legal title to the goods was retained by ABC. The installment receivables are collectible over the next eight months

B. Sold goods to customer X on a cash basis for P20,000. the scale agreement gives Customer X the right to return up to 40% of the product sold within the first six months after the date of sale provided an appropriate reason is given. Customer X will be refunded for any goods returned. ABC can reliably estimate that 10% of the products sold would be returned.

C. Sold goods to Customer Y on account basis for P10,000. The sale agreement gives Customer Y the right to return up to 10% of the product sold within the first two weeks after the date of sale provided an appropriate reason is given. ABC can reliably estimate that 5& of the products sold would be returned.

D. Sold goods to Customer Z on a cash basis for P12,000. The sale agreement gives Customer Z the right to return the goods and be refunded for the sale price if he is not satisfied. ABC cannot reliably estimate the amount of goods to be returned.

E. Sold goods to Customer Voiz&Gurlz on a cash basis for P10,000. The sales representative was paid a 2% commission based o the selling price.

How much total net sales revenue is recognized from the transactions above?

A. 42,300B. 42,500C. 54,300D. 54,500

9. The Marfak Company provides service contracts to customers for maintenance of their electrical systems. On 1 October 20x8 it agrees a four-year contract with a major customer for P154,000. Costs over the period of the contract are reliably estimated at P51,333. Under PFRS 15, how much revenue should the company recognize in profit or loss in the year ended 31 December 20X8?

A. 9,625B. 38,500C. 3,208D. 12,833

10. On 1 January 20X8 The Violet Company signs a four-year fixed-price contract to provide services for a customer. The contract value is P550,000. AT 31 December 20x8 the contract is thought to be 30% complete. Costs to complete the contract cannot be reliably estimated and costs incurred to date of P152,000 are recoverable from the customer. What is the revenue to be recognized in profit or loss for the year ended 31 December 20x8, according to PFRS 15 revenue from contracts with customers?

A. 13,000B. 152,000C. 137,500D. 165,000

Use the following information for the next two questions:

On December 31, 20x1, ABC Co. committed to a plan to sell its building at its current condition. ABC Co. Expects that the sale will occur within twelve months after the end of the current reporting period. The building has a carrying amount of P12,000,000 and an estimated useful life of 5 years at the start of the year. ABC Co. Depreciates the building using the straight line method of depreciation with no residual value. The building has a fair value of P8,000,000 and estimated costs to sell of P100,000 at the end of the year. All the conditions for classifying the building as held for sale are met as of year-end.

2. How much is the carrying amount of the building in ABC Co.'s December 31, 20x1 statement of financial position?

A. 12,000,000B. 9,600,000C. 8,000,000D. 7,900,000

3. How much is the impairment loss recognized on December 31, 20x1?

A. 4,100,000B. 4,000,000C. 1,700,000D. 1,600,000