al payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000.
al payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000.
al payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000.
Can you pleace check what answer and solution is correct for the letter c. 1st answer is 552,000 and the other one is 300,000.
Note: 1st image is the solution for letter a and b
On December 1, 2020, RB Company assigned on a non-notification basis accounts receivable of Php6,000,000 to accounts less a 5% service fee on the accounts assigned. The entity signed a note for the bank loan. On December 31, 2020, the entity collected assigned accounts of Php2,000,000 less discount of Php200,000. The entity remitted the collections to the bank in partial payment for the loan. The bank applied first the collection to the interest and the balance to the principal. The agreed interest is 1% per month on the loan balance. The entity accepted sales returns of Php100,000 on the assigned accounts and wrote off assigned accounts totaling Php300,000.
a bank in consideration for a loan of 80% of the What is the balance of accounts receivable assigned on December 31, 2020?
b. In the preceding problem, what is the carrying amount of the note payable on December 31, 2020?
c. In the preceding problem, what is the equity of the assignor in assigned accounts on December 31, 2020?
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C. AR- assigned balance
P 3,600,000
Note Payable Balance
(3,048,000)
Equity on assigned AR
P 552,000
Compute the equity of the assignor in assigned accounts on December 31, 2020 as follows: -
Equity = Assigned Account × Service Fee Percentage
Equity = P6, 000, 000 × 5%
Equity = P300, 000
Answer: The equity of the assignor in assigned accounts on December 31, 2020 is P300,000.
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PROBLEM 2
a. Accounts Receivable assigned
P 6,000,000
Cash Collection (2,000,000 - 200,000)
(1,800,000)
Discount
(200,000)
Sales Return
(100,000)
Write-off
(300,000).
Accounts receivable-assigned, ending balance
P 3,600,000
b. Note Payable (6,000,000 x 80%)
P 4,800,000
Principal Payment:
Remittance
1,800,000
Interest (4,800,000 x 1%)
(48,000)
(1,752,000)
Carrying Amount of Notes Payable - December 31, 2020
P 3,048,000
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Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.
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