Question
On November 16, 2018, Durable Electronics Inc. entered into a 6-month, P950,000 purchase commitment for a supply of product A. On December 31, 2018, the
On November 16, 2018, Durable Electronics Inc. entered into a 6-month, P950,000 purchase commitment for a supply of product A. On December 31, 2018, the market value of this material had fallen to P930,000. On May 16, 2019 where the actual purchase was made, the market value further declined to P900,000. The loss on purchase commitment on December 31, 2018 is
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The Audit Process Principles Practice And Cases
Authors: Iain Gray, Stuart Manson
5th Edition
1408030497, 9781408030493
