Andrew owes Laila100,000 for the purchase of construction materials. Laila also owes Andrew a refund worth 20,000
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Andrew owes Laila₱100,000 for the purchase of construction materials. Laila also owes Andrew a refund worth ₱20,000 for an earlier purchase made. Was there extinguishment of the obligations? a. Yes, for ₱100,000. b. Yes, up to only ₱20,000. c. No, there was no condonation. d. No, as partial extinguishment is prohibited.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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