Question

Financial Statement Presentation | On December 31, San Guillermo's "Accounts receivable" balance per
ledger of P1,250,000 includes:
1. MasterCard or VISA credit card sale of merchandise to customer
P10,000
2. Overpayment to supplier for inventory purchased on account
20,000
3. Insurance claim on automobile accident
2,000
4. Advance to sales manager due in one year
4,000
5. 5-vear note receivable due from company president (this was issued by the president for the
loan granted to him.)
300,000
6. Interest due on 5-year note from company president, interest payable annually
6,000
7. Acceptance of 6-month note for past due-account arising from sale of inventory
5,000
8. Accrued interest receivable on the note above
100
9. Overpayment by customer of an account receivable
(5,000)
10. Accounts receivable to customers definitely uncollectible
4,000
11. Other trade accounts receivable-unassigned
50,000
12. Trade accounts receivable-assigned
10,000
13. Note receivable customer (this note is for a cash loan made to this customer collectible in 3
years.)
30,000
14. Claim for a tax refund from last year
3,000
15. Prepaid insurance-4 months remaining in the policy period
4,000
16. Advances to or receivables from stockholders (P100,000 is collectible currently)
250,000
17. Advances to affiliates
125,000
18. Subscription receivables
150,000
19. Special deposits on contract bids
30,000
20. Dividend receivables
10,000
21. Notes receivable dishonored
5,000
22. Accrued rent receivables
6,000
23. Claims against common carriers
4,900
24. Acceptance of 8-month note from employees arising from sale of inventory
6,000
25. Trade installment receivable due within 16 months, gross of unearned interest income of
P20,000
220,000
Total
P1,250,000
Based on the above data, answer the following questions:
1. Trade accounts receivable as of December 31
2. Trade notes receivable as of December 31.
3. Trade and other receivables to be presented in the current asset section of the balance sheet.
4. Non-current receivables as of December 31.

Answer 1

In the Books of San Guillermo
As on December 31
		(Amount in P)
Particular	Amount	Amount
Total Accounts Receivable		1250000
Less :-
a) Overpayment to Supplier	20000
b) Advance to Sales Manager Due in One Year	4000
c) 5 -year Note Receiable	300000
d) Interest on 5 year Note	6000
e) Acceptance of 6-month note	5000
f) Accrued interest	100
g) Overpayment by Customer	-5000
h) Uncollectible	4000
i)Other trade accounts -Unassigned	50000
j)Note receiable in 3 year	30000
k)Claim for Last year Claim Refund	3000
l) Prepaid Insurance	4000
m) Advances to or receiable	150000
n)Advance to Affiliates	125000
o) Special Dividends on Contract Bids	30000
p)Dividend Receivables	10000
q)Notes Dishounoured	5000
r) Accrued Rent	6000
s) Claims against Common Carriers	4900
t) Acceptance of Notes from Employee	6000
u) Trade Installments	200000
v) Interst	20000	978000
Total Trade Accounts Receiable on December 31		272000
Trade Notes Receivable on December 31
a) Note Receiable Customer	30000
b) Advance to Sales Manager Due in One Year	4000
c) 5 -year Note Receiable	300000
d) Interest on 5 year Note	6000
e) Acceptance of 6-month note	5000
f) Accrued interest	100
g)Note receiable in 3 year	30000
h)Claim for Last year Claim Refund	3000
i) Advances to or receiable	150000
k)Advance to Affiliates	125000
l) Acceptance of Notes from Employee	6000
m) Trade Installments	200000	829100
Total Trade Notes Receivable on December 31		829100
Non-Current Receivables As of December 31
a) Unearned Interest Income		20000
b) Calims against Common Carriers		4900
c) Accrued Rent Receiables		6000
d) Notes Receivable Dishonoured		5000
e) Dividend Receivables		10000
f) Special Deposits on Contract Basis		30000
g) Receivable from Stockholders Uncollectible		150000
h) Prepaid Insurance		4000
i)Other trade accounts -Unassigned		50000
j)Accounts Receivable Uncollectible		4000
k) Overpayment by customer		-5000
l) insurance Claim on automobile accident		2000
m)Overpayment to supplier		20000
Total Trade Not Receivables		300900

In the Balance Sheet in Current Assets appeared as Follows

Extract of Balance Sheet
As of December 31
Particular	Amount	Amount
Total Trade Accounts Receiable on December 31		272000
Total Trade Notes Receivable on December 31		829100
Total Receivables		1101100