P standands for the philippine currency for peso

Financial Accounting Receivables PROBLEMS: Shown below is ABC Company's aging schedule of its accounts receivable on December 31, 2012: Days past due Customers: Balance due: Current: 0-30 days: 31 -60 days: Over 60 days One Co. P 23,000 - - P 23,000 Two Co. 105,000 P62,000 P20,000 13,000 P 10,000 Three Co. 87,500 23,000 14,500 10,000 40,000 Four Co. 93,500 53.000 20,500 10,000 10,000 Five Transport 40,000 40,000 Six Co 31,000 15,000 16,000 Seven Co. 1,000 1,000 Eight Co. 64,000 20,000 18,000 16,000 10,000 Nine Co. 60,000 60,000 - The accounts receivable and Allowance for uncollectible account balance per general ledger is P 505,000 and P 82.000. respectively on December 31, 2012. The following are audit comments for possible adjustments: One Co. Merchandise found defective;returned by the customer on November 10 for credit. but the credit memo was issued by ABC only on January 2, 2013 Two Co. Account is good but usually pays late. Three Co. Merchandise worth P 40,000 destroyed in transit on June 4, 2012. The carrier (Five Transport) was billed on July 1. Four Co. Customer billed twice in error for P 10,000. Balance is collectible. Five Co. Collected in full on January 15, 2013. Six Co. erm Paid in full on December 29, 2912 but not recorded. Collections were deposited January 3, 2013 Seven Co. Received account confirmation from customer for P 11,000. Investigation revealed an erroneous credit for P 10,000 Eight Co. Neglected to post P 10,000 credit to customer's account. Nine Co. Customer wants to know the reason for receipt of P40,000 credit memo as its accounts payable balance is P 100,000 T 1. What should be the adjusted balance of the Accounts receivable - trade at December 31, 2012? The following information is from DEF Co.'s first year of operations