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20-8 Income Tax Law and Accounting EXERCISES 20-1. The taxpayer had following journal entry in his books of accounts: (Debit) Bad debts (Credit) Accounts receivable P50,000 P50,000 Deduction for bad debts? 20-2. The taxpayer had the following journal en- tries in his books of accounts: P50,000 P50,000 (Debit) Bad debts (Credit) Allowance for doubtful accounts (Debit) Allowance for doubtful accounts (Credit) Accounts receivable 40,000 40,000 Deduction for bad debts? 20-3. A Co. had a receivable of P500,000 from B Co. The indebted- ness of B Co. was secured by a mortgage on its properties. When B Co. could not pay. A Co. foreclosed on the mortgage, and properties were awarded to it (highest bidder) at public auc- tion for P400,000. The balance cannot be collected anymore. A Co. still holds the property. Deduction for bad debts of A Co.? 4 20-4. C Co. had a receivable of P500,000 from D Co. in 2017. The indebtedness of D Co. was secured by a mortgage on the pro- perty of D Co. When D Co. could not pay in 2018, the property was sold at public auction. C Co., the highest bidder for P400,000, acquired the property. The balance could not be col- lected anymore. In 2019 C Co. sold the property for P450,000. Deduction for bad debts of C Co.: In 2018? In 2019? 20-5. A pension fund was set up in 2007 for retiring em- ployees. In setting up the fund, P1,000,000 was deposited as seed money for past service cost. Annual or present service cost was P50,000, be