On July 1, 2017, the entity sold Security A for P1,800,000. What amount should be reported as gain on
sale of trading securities in the 2017 income statement?
a. 800,000 b. 600,000 c. 300,000 d. 700,000
On July 1, 2016, the entity sold Security C for P4,900,000 incurring P100,000 in brokerage commission
and taxes.
2. What amount of gain on sale should be recognized in 2016 if the securities are designated as measured
at FVTOCI (PFRS 9)?
a. 900,000 b. 600,000 c. 800,000 d. 0
3. What amount of gain on sale should be recognized in 2016 if the securities are as FVPL?
a. 700,000 b. 500,000 c. 600,000 d. 400,000
4. What cumulative loss should be reported in the statement of changes in equity for 2017 as component
of OCI if the investment is designated as measured at FVOCI (PFRS 9)?
a. 1,000,000 b. 2,500,000 c. 3,500,000 d. 0
5. What cumulative loss should be reported in the statement of changes in equity for 2017 as component
of OCI if the investment is classified as FVPL (PFRS 9)?
a. 1,000,000 b. 3,500,000 c. 2,500,000 d. 0