Hi, please help me in identifying the following: 1. statement of the problem Robo Ltd. (example: How does Robo Ltd. can cope with the loss of their accounting records?2. Give Generally Accepted Accounting Principles in this problem. 3. Who or What is your point of view (example accountant and/or board of directors) 4. What are your altenative courses of action? 5. Give recommendations and implementation plan to this case.

Robo Ltd. On April 10, 2016, fire destroyed the office and warehouse of Robo, Ltd. Most of the accounting records were destroyed, but the following account balances were determined as at 31 March 2016. Inventory, 1 January 2016, P80,000; Sales (1 January 31 March 2016), P180,000; Purchases (1 January 31 March 2016), P94,000. The companys financial year ends on 31 December. It uses a periodic inventory system. From an analysis of the April bank statement, you discover cancelled cheques of P4,200 for cash purchases during the period 1-10 April. Deposits during the same period totaled P18,500. Of that amount, 60% were collections on accounts receivable, and the balance was cash sales. Correspondence with the companys principal suppliers revealed P12,400 of purchases on account from 1 April to 10 April. Of that amount, P1,600 was for inventory in transit on 10 April that was shipped FOB destination. Correspondence with the companys principal customers produced acknowledgments of credit sales totaling P28,000 from 1 April to 10 April. It was estimated that P5,100 of credit sales will never be acknowledged or recovered from customers. Robo Ltd. Reached an agreement with the insurance company that its fire loss claim should be based on the average of the gross profit ratios for the preceding 2 years. The financial statements for 2015 and 2014 showed the following data. 2015 2014 Net Sales P600,000 P480,000 Cost of goods purchased 416,000 356,000 Beginning inventory 60,000 40,000 Ending inventory 80,000 60,000 Inventory with cost of P17,000 was salvaged from the fire. Instructions: Use Case Analysis format in answering the following: answered already a. Determine the balances in (1) Sales and (2) Purchases as at 10 April. b. Determine the average profit rate for the years 2014 and 2015. (Hint: Find the gross profit ratio for each year and divide the sum by 2). c. Determine the inventory loss as a result of the fire, using the gross profit method. I have answers for letter a to c.

67,296 Gross Profit (a 32% Margin Cost of Goods Sold 143.004 149,940 As per Group 2 Presentation (Net Sales- Gross Profit) Beg inv COGS Purchases End Inv Beg Inv End Inv Purchases COGS 45,996 80,000 109,000 143,004 80,000 149,940 109,000 Ending Inventory 80,000 109,000 149,940 39,060 Ending Inventory Salvage Value Inventory Loss 45,996 17,000 Inventory Loss Ending Inventory Salvage value Inventory Loss 17,000 Inventory Loss 39.060 28,996 Inventory Loss Inventory loss E 2 060