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Audit of Receivable Solution Set p3

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Germa Cosep
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7 views

Audit of Receivable Solution Set p3

Uploaded by

Germa Cosep
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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PROBLEM NO.

11
Note Receivable - Trade (excluding
1 Cash 199,431.11 discounted amounting to 200,000)
Loss on Note Discounting 568.89 Subscription Receivable
Note Receivable - Discounted 200,000.00 Advances to Officers
Interest Receivable
Principal 200,000.00 Current Asset
Interest 10,666.67
Matury Value 210,666.67
Discount 11,235.56 formula: MV x discount rate x discount period
Net Proceeds 199,431.11

Net Proceeds 199,431.11


Carrying Value of Note 200,000.00
Loss on Discounting -568.89

2 Note Receivable 900,000.00


Cash 900,000.00

3 Subsription Receivable 500,000.00


Preference Shares 500,000.00

Interest Receivable 13,333.33


Interest Income 13,333.33

4 Accounts Receivable 616,000.00


Note Receivable 600,000.00
Interest income 16,000.00

5 Advances to Officers 160,000.00


Note Receivable 160,000.00

6 Interest Receivable 5,760.00


Interest Income 5,760.00
Note Receivable - Trade (excluding note 1,020,000.00
discounted amounting to 200,000)
Subscription Receivable 500,000.00
Advances to Officers 160,000.00
Interest Receivable 19,093.33
Current Asset 1,680,000.00
PROBLEM NO. 12

A. Principal 1,500,000.00
Interest 90,000.00
Maturity Value 1,590,000.00
Discount 59,625.00 formula of discount: mv x discount rate x discount period
Net Proceeds 1,530,375.00

B. Principal 1,000,000.00
Interest 30,000.00
Maturity value 1,030,000.00
Accrued Interest 20,600.00
Total Amount collected 1,050,600.00

C. Principal 1,500,000.00
Interest 90,000.00
Maturity Value 1,590,000.00
Protest Fee 60,000.00
Total 1,650,000.00
Interest 33,000.00
Total Amount Collected 1,683,000.00

D. Apple Company 30,000.00 Interest from May 1 - July 30


20,600.00 Interest for total maturity value from July 30 - September 28
Bubble Company 45,000.00 Interest from May 1 - Aug. 1
33,000.00 Interest for total charges from Nov. 1 - Dec. 31
Charlie Company 20,000.00 Interest from Sept. 1 - Dec. 31
Denver Company 75,000.00 Interest from October 1 - Dec. 31
Total Interest Income 223,600.00
discount period

30 - September 28

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