Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bed Enterprise is engaged in the business of selling beds. During the current year 2019, the total purchases recorded amounted to P1,500,000 on account 3/10,

Bed Enterprise is engaged in the business of selling beds. During the current year 2019, the total purchases recorded amounted to P1,500,000 on account 3/10, n/30. All purchase return and allowance was made within 7 days of purchase and prior to any payment of account.

Particulars Amount Purchase of beds - 1,500,000

Purchase return and allowance - 150,000

Purchase discount lost - 12,150

How much is the purchase discount taken during the year 2019?

A. P 12,150. B. P 28,350. C.P 30,000. D. P 40,500.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Impact On Decision Makers

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

1111464936, 978-1111464936

More Books

Students also viewed these Accounting questions