Daayata Department Store wishes to discount two notes receivable arising from the sale of merchandise in order to meet some maturing obligations. Both notes have a face amount of P50,000 each and are due in one year. Note A is a non-interest bearing note while Note B is to be paid with an interest of 12%. The bank rate in discounting the notes is 12%. 39. Assuming that the notes were discounted ten months prior to maturity, the total proceeds from both notes discounted is:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Daayata Department Store wishes to discount two notes receivable arising from the sale of merchandise in order to meet some maturing obligations. Both notes have a face amount of P50,000 each and are due in one year. Note A is a non-interest bearing note while Note B is to be paid with an interest of 12%. The bank rate in discounting the notes is 12%. 39. Assuming that the notes were discounted ten months prior to maturity, the total proceeds from both notes discounted is:
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