Philiopine National Bank holds a 500,000 note secured by a building owned by Luigi Software, which has filed for bankrupicy. If the property has a book value of P600,000 and a fair market value of 450,000, what is the best way to describe the notes held by Philippine National Bank? the bank has a. Asecured claim of P500,000. b. Anunsecured claim of P500,000. ¢. Asecured claim of P450,000 and an unsecured claim of P50,000. d. Asecured claim of P50,000 and an unsecured claim of P50,000. (Adapted) Xand Y Inc. owes the Xylo Corporation P60,000 on account, which issecured by accounts receivable with a book valve of P50,000. The unsecured portion is considered a claim under the bankruptcy law, X and Y has filed for bankruptcy. Its statement of affairs lists the accounts receivable securing the Xylo account with an estimated realizable value of P45,000. If the dividend to general unsecured creditors is 80%, how much can Xylo expect toreceive? a. P60,000 cc. P57,000 b. 58,000 d. 48,000 (Adapted) P Corporation is a parent, having purchased 60% of § Company's common stock at par value for P600,000. $ Company is in financial difficulty. The parent granted an unsecured loan of 200,000 to the subsidiary. An Gecounting statement of affairs tor § Company shows a dividend of 30%. P Corporation can expect to receive on the loan of appropriately: a. P120,000 c. P3600 b. 60,000 d 0 (Adapted) P Corporation is a parent, having purchased 60% of S Company's common {hock at par value for P600,000. S Company is in financial difficulty. The parent granted as unsecured loan of P200,000 to the subsidiary. An Becounting statement of affairs for $ Company shows a dividend of 30%. P Corporation can expect to receive payment forits Investmentin Company imately: OF 350.000 cc. P108,000 180,000 d ° (Adaptea) b. 3. | Inc. has forced into bankruptcy and has begun toliquidate. Unsecured 3. Re wil be paid al the rate of 40 cents on the peso. Apex Co. holds a ‘it earing note receivable from Kent in the amount of P100,000, interest be NChaterialized by machinery with a liquidation value of P25,000. The totai Sfrount 10 be realized by Apex on this note receivable is: a. P25,000 cc. — P55,000 . 40,000 di 85,000 (aicra)Zamora and Co., Inc. purchased a Cadillac automobile with little cash down and signed.a note, secured by the Cadillac, for 48 easy monthly payments. When the company files for bankruptcy, the balance due on the Cadillac amount to P6,000,000., The car has a book value of P8,000,000 and a net realizable value of P4,000,000. The unsecured creditors of Zamora and Co. can expect to receive 50 percent of their claims. In the liquidation, the bank that holds the note on the Cadillac should receive: a. — P6,000,000 cc. P4,000,000 b. 5,000,000 d. 3,000,000 (AICPA) The following data are provided by the Troubled Company: Assets at book value .. 150,000 Assets at net realizable value 105,000 Liabilities at book value: Fully secured mortgage 60,000 Unsecured accounts and notes pay: 70,000 Unrecorded liabilities: Interest on bank notes . 500 Estimated cost of administering estat 6,000 The court has appointed a trustee to liquidate the company. The journal entry made by the trustee to record the assets and liabilities should include an estate deficit of: a. P31,500 “ce. — P25,500 b. 31.000 fe (Adapted) Using the same information in Number 11, the statement of affairs prepared by the trustee at this time should include an estimated deficiency to unsecured creditors of: a. PA5,000 cc. P31,500 25,000 b. 39,000 d. (Adapted)The following data were taken from the statement of affairs for Liquo Company: Assets pledged for fully secured liabilities (fair value, P75,000) Assets pledged to partially secured liabilities (fair value, P52,000) Free assets (fair value, P40, Unsecured liabilities with priority .. Fully secured liabilitie: Partially secured liabilitie: Unsecured liabilities without priority P 90,000 Compute the: (1) total estimated deficiency to unsecured creditors, and (2) the expected recovery per peso of unsecured claims. a. (1) 42,000; (2) P.65 ce. (I)P 0; (2) P1.00 b. (1) 3,000; (2) P.98 d. (1) P42,000; (2) P .70 (Adapted) Katherine, a CPA, has prepared a statement of affairs. Assets which there are no claims or liens are expected to produce P70,000, which must be allocated to unsecured claims of all classes totaling P105,000. The following are some of the claims outstanding: 1. Accounting fees for Katherine, P1.500. 2. An unrecorded note for P1,000, on which P60 of interest has accrued, held by Angie. 3. Anote for P3,000 secured by P4,000 receivables, estimated to be 60% collectible held by Joy. 4, P1500 note, on which P30 of interest has accrued, held by Joyots, Property with a book value of P1,000 and a market value of P1,800 is pledged to guarantee payment of principal and interest, 5. Unpaid income taxes of P3,500, Compute the estimated payment to partially secured creditors: a. P1,060 c , b. 1,950 dG. 2,790