Which of the following is not negotiable? A. “I bind myself to pay to the order of P, PhP30,000”. (Sgd. M) B. “Good to P or order, PhP30,000”. (Sgd. M) C. “I promise to pay or order Php30,000 on June 30”. (Sgd. M) D. “I promise to pay P or order Php5,000”. (Sgd. M)
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Which of the following is not negotiable?
A. “I bind myself to pay to the order of P, PhP30,000”. (Sgd. M)
B. “Good to P or order, PhP30,000”. (Sgd. M)
C. “I promise to pay or order Php30,000 on June 30”. (Sgd. M)
D. “I promise to pay P or order Php5,000”. (Sgd. M)
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- Westminster executed a promissory note with a face value of Php800,000.00, payable to the order of Bath. Bath indorsed the note to Whiltshire, to whom Bath owed Php500,000.00. If Westminster has no defense at all against Bath, for how much may Whiltshire collect from Westminster? a. None, as Whiltshire's remedy is to run after his debtor, Bath. b. Php300,000.00, as he is a holder for value to the extent of the difference between Bath's debt and the value of the note. c. Php500,000.00, as he is a holder for value to the extent of his lien. d. Php800,000.00, but with the obligation to hold Php500,000.00 for Bath's benefit.Fill in the blanks: Problem: Arlene bought Malong worth P56,000 with 5%, 3% trade discounts from Supplier from Mindanao on May 29, 2020. The Supplier gave Arlene a term of n/45 and the Supplier will shoulder the shipping costs and the payment to the shipper. 1. How much is the trade discount? 2. When is the due date to pay the account? 3. What is the term of shipment? Choose if: FOB Shipping Point - Freight Prepaid, FOB Shipping Point - Freight Collect, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect INSTRUCTIONS: 1. DO NOT ABBREVIATE THE MONTH OF YOUR ANSWER. IF YOUR ANSWER IS SEPTEMBER, ENCODE IT AS SEPTEMBER. 2. DO NOT USE COMMA AND PESO SIGN. IF YOUR ANSWER IS P1,000.50, ENCODE IT AS 1000,50 3. USE TWO DECIMAL PLACES FOR YOUR ANSWER. IE YOUR ANSWER IS P22,785, ENCODESAS 22785.00 Continue >On January 1, 20x1, Pongcuter Co. enters into a contract with a customer to grant a software licensefor ₱1,000,000. The fee is payable at contract inception. The license has a term of four years, toreckon from the date the customer can use the software. The customer can determine how andwhen to use the right without further performance by Pongcuter Co. and does not expect thatPongcuter Co. will undertake any activities that significantly affect the intellectual property towhich the customer has rights. The software is transferred to the customer on February 1, 20x1.However, the code, which is necessary for the customer to use the software, is transferred only onApril 1, 20x1. How should Pongcuter Co. recognize revenue from the fixed consideration in thecontract?a. in full on February 1, 20x1b. in full on April 1, 20x1c. deferred and amortized over four years starting on February 1, 20x1d. deferred and amortized over four years starting on April 1, 20x1
- Pls answer this question with solutions. A manufacturer gives warranties at the time of sale to purchasers of its product. Under the terms of the contract of sale, the manufacturer undertakes to make good, by repair or replacement, manufacturing defects that become apparent within one year from the date of sale. On the basis of experience, it is probable (i.e., more likely than not) that there will be some claims under the warranties. Sales of ₱40 million were made evenly throughout 20X1. At December 31, 20x1 the expenditures for warranty repairs and replacements for the product sold in 20x1 are expected to be made 50% in 20x1 and 50% in 20x2. Assume for simplicity that all the 20x2 outflows of economic benefits related to the warranty repairs and replacements take place on June 30, 20x2. Experience indicates that 95% of products sold require no warranty repairs; 3% of products sold require minor repairs costing 10% of the sale price; and 2% of products sold require major…A promissory note states, on its face: "I, Saxony, promise to pay Bavaria the amount of Php 18,000.00 eight days after completion of the on-going construction of my house. Signed, Saxony." Is the note negotiable? a. Yes, since it is payable at a fixed period after the occurrence of a specified event. b. No, since it is payable at a fixed period after the occurrence of an event which may not happen. c. Yes, since it is payable at a fixed period or determinable future time. d. No, since it should be payable at a fixed period before the occurrence of a specified event.A , B and C bind themselves to pay D P30,000. Only A received the money as per agreement between A, B and C. On the due date of the obligation, has D the right to demand the full payment of P30,000 from C alone? C and D bind themselves to pay E their loan of 10,000 on a certain date. Is the obligation divisible or indivisible?
- 5. MASAKIT SA BUNGO CORPORATION operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2019, the entity issued 50,000 award credits. The fair value of the award credits is reliably measured at P2,000,000. In 2019, the entity sold goods to customers for a total consideration of P9,000,000 including the fair value of the award credits. The total award credits expected to be redeemed are 80% in 2019 and 85% in 2020. The award credits actually redeemed are 15,000 in 2019 and 7,950 in 2020. What is the revenue earned from points in 202O? * a. P600,000 b. P750,000 c. P330,000 d. P318,000The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses? Select one: a. None of the other points b. OMR 12,400 c. OMR 1,500,000 d. OMR 31,00020. (Use the PFRS for SMEs) On 1 January 20X1 an entity acquired goods for sale in the ordinary course of business for ₱100,000, including ₱5,000 refundable purchase taxes. The supplier usually sells goods on 30 days’ interest-free credit. However, as a special promotion, the purchase agreement for these goods provided for payment to be made in full on 31 December 20X1. In acquiring the goods transport charges of ₱2,000 were incurred: these were due on 1 January 20X1. An appropriate discount rate is 10 per cent per year. The entity shall measure the cost of inventories at: a. ₱102,000 b. ₱97,000 c. ₱88,364 d. ₱107,000
- Schaffhausen, the maker, issued a promissory note to Zug, the payee which states: "I, Schaffhausen, promise to pay Zug or order the amount of Php8 Million. Signed, Schaffhausen." Zug negotiated the note by indorsement to Jura, then Jura to Geneva also by indorsement, and Geneva to Thurgau, again by indorsement. But before Geneva indorsed the note to Thurgau, Geneva's husband wrote the figure "1" on the note before "Php8" without Geneva's knowledge, making it appear that the note is for Php18 Million. For how much is Geneva liable to Thurgau? a. Php8 Million since it is the original tenor of the note. b. Php8 Million since he warrants that the note is genuine and in all respects what it purports to be. c. Php18 Million since he warrants that the note is genuine and in all respects what it purports to be. d. Php18 Million since he warrants his solvency and that he has a good title to the note.Question 3. Assume that ABC Islamic bank provides Murabahah financing to Hanif for the purpose of house purchase, amounting to RM500,000 at a constant rate of return 9% for a period of 5 years. At the end of the contract, Hanif owes ABC bank amounting to RM50,000. As part of the normal requirements, the customers will be charged a penalty fee 4% per annum for any outstanding amount due at the end of the contract and amount collected is normally disbursed as charity. Required: Show the extract of the balance sheet and income statement of ABC bank from the beginning till the end of the contract, showing the amount of net receivable and Murabahah income. Prepare journal entries for all the above transactions in the book of ABC bank, including the treatment for penalty fee.The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other points