Following data pertain to matiisin company which

39. Following data pertain to Matiisin Company which sells appliances on an
installment basis:
2008 2009 2010
Installment sales P390,000 P420,000 P480,000
Cost of sales 237,900 243,600 288,000
From Sales Made in:
Installment accounts
receivable balances: 2008 2009 2010
January 1, 2010 P 24,000 P 300,000
December 31, 2010 - P 60,000 P 320,000
Repossessions on defaulted accounts were made during 2010, as follows:
From Sales Made in:
2009 2010
Account balance P 10,000 P 5,000
Net resale value of
repossessed merchandise 4,500 3,500
The total realized gross profit in 2010 on the collections of 2008, 2009, and
2010 sales was:
A. P 9,360 C. P 96,600
B. P62,000 D. P167,960
40. The net gain (loss) on repossession on defaulted sales of 2009 and 2010
was:
41. Pasig Garment Company operates a branch in Cabanatuan City. At the end of
the year, the Branch account in the books of the home office at Manila shows a
balance of P150,000. The following information are ascertained:
1. The home office has billed the branch the amount of P37,500 for the
merchandise, which was in transit on December 31.
2. A home office accounts receivable for P10,500 was collected by the branch.
Said collection was not reported to the home office by the branch.
3. Supplies of P4,500 was returned by the branch to the home office but the
home office has not yet reflected in its records the receipt of the
supplies.
4. The branch made profit of P10,100 for the month of December but the home
office erroneously recorded it as P11,180.
5. The branch has not received the cash in the amount of P25,000 sent by
home office on December 31. This was charged to General Expense account.
All transactions are presumed to have been properly recorded.
What is the balance of the Home Office account on the books of the branch as
of December 31, before adjustments?
42. What is the adjusted balance of the reciprocal accounts?
43. The Carly Company owns 75% of The Halley Company. The following figures are
from their separate financial statements:
Carly: Trade receivables P1,040,000, including P30,000 due from Halley.
Halley: Trade receivables P215,000, including P40,000 due from Carly.
According to PAS 27 Consolidated and separate financial statements , what
figure should appear for trade receivables in Carly's consolidated statement
of financial position?
A. P1,215,000 C. P1,255,000
B. P1,225,000 D. P1,185,000
44. The White Company acquired an 80% interest in The Pulley Company when
Pulley's equity comprised share capital of P100,000 and retained earnings of
P500,000. Pulley's current statement of financial position shows share capital
of P100,000, a revaluation reserve of P400,000 and retained earnings of
P1,400,000.
Under PAS 27 Consolidated and separate financial statements, what figure in
respect of Pulley's retained earnings should be included in the consolidated
statement of financial position?
AFAR – NCR Frontliners 2017

NFJPIA-NCR
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