(i) Calculation of NRV of Accounts Receivable on May 30, 2020

(ii) Calculation of cash and cash equivalents on SFP at December 31, 2020

Basmati Group Limited (BGL) is a public company with a December 31 year-end. At the end of 2019, BGL reported accounts receivables net of the allowance for doubtful accounts in the amount of $870,000. The credit balance in the ADA on December 31, 2019 was $60,000. On May 17, 2020, BGL determined that its $22,000 receivable from Jasmine Decor would not be collected. As a result, management of BGL immediately authorized its write-off. In addition, on May 20, 2020, BGL received a notification that it would be receiving $0.40 for every $2.00 of accounts receivable relating to Quinoa Corporation. BGL had previously written off $46,000 relating to this balance. The collection from Quinoa was made on May 30, 2020 Required: (Show supporting calculations for part marks.) (a) (b) 11 Assuming no other changes, calculate the net realizable value of BGL's accounts receivables on May 30, 2020. Show supporting calculations. (5 marks) Assume that on December 31, 2020, BGL also owns the following other assets: (1) A cheque for $780 from Brown Company received December 30, 2020 as full payment on Brown's account but which was not deposited until January 2, 2021. A cheque from Black Inc. for $1,800 that had been deposited on December 20, but was returned NSF on December 29. The cheque was to be re-deposited on January 3.2021. The original deposit has been included in BGL's December 31 chequebook balance. (111) Cash in a foreign bank: $2,630 Canadian equivalent. (iv) Cash in a bank savings account: $24.600. (v) A bank overdraft in a different account at the same bank as the savings account: $2,200. (vi) Cash refund due (overpayment of income taxes): $3,529 (vii) A travel advance granted to an employee: $3,000. Calculate the proper amount to be reported as cash and cash equivalents on BGL's Statement of Financial Position at December 31, 2020. (4 marks) Basmati Group Limited (BGL) is a public company with a December 31 year-end. At the end of 2019, BGL reported accounts receivables net of the allowance for doubtful accounts in the amount of $870,000. The credit balance in the ADA on December 31, 2019 was $60,000. On May 17, 2020, BGL determined that its $22,000 receivable from Jasmine Decor would not be collected. As a result, management of BGL immediately authorized its write-off. In addition, on May 20, 2020, BGL received a notification that it would be receiving $0.40 for every $2.00 of accounts receivable relating to Quinoa Corporation. BGL had previously written off $46,000 relating to this balance. The collection from Quinoa was made on May 30, 2020 Required: (Show supporting calculations for part marks.) (a) (b) 11 Assuming no other changes, calculate the net realizable value of BGL's accounts receivables on May 30, 2020. Show supporting calculations. (5 marks) Assume that on December 31, 2020, BGL also owns the following other assets: (1) A cheque for $780 from Brown Company received December 30, 2020 as full payment on Brown's account but which was not deposited until January 2, 2021. A cheque from Black Inc. for $1,800 that had been deposited on December 20, but was returned NSF on December 29. The cheque was to be re-deposited on January 3.2021. The original deposit has been included in BGL's December 31 chequebook balance. (111) Cash in a foreign bank: $2,630 Canadian equivalent. (iv) Cash in a bank savings account: $24.600. (v) A bank overdraft in a different account at the same bank as the savings account: $2,200. (vi) Cash refund due (overpayment of income taxes): $3,529 (vii) A travel advance granted to an employee: $3,000. Calculate the proper amount to be reported as cash and cash equivalents on BGL's Statement of Financial Position at December 31, 2020. (4 marks)