Question
Andrew owes Laila100,000 for the purchase of construction materials. Laila also owes Andrew a refund worth 20,000 for an earlier purchase made. Was there extinguishment
Andrew owes Laila₱100,000 for the purchase of construction materials. Laila also owes Andrew a refund worth ₱20,000 for an earlier purchase made. Was there extinguishment of the obligations? a. Yes, for ₱100,000. b. Yes, up to only ₱20,000. c. No, there was no condonation. d. No, as partial extinguishment is prohibited.
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The detailed answer for the above question is provided below The answer is b Yes up to only 20000 Th...
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
