Kenanga Sdn Bhd paid RM5000 for part settlement of their accounts
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Kenanga Sdn Bhd paid RM5000 for part settlement of their accounts
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- Mountain High Ice Cream Company transferred $64.000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables, it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5.400). Mountain High anticipates a $3.400 recourse obligation. The bank charges a 2% fee (2% of $64.000), and requires that amount to be paid at the start of the factoring arrangement. Required: Prepare the journal entry to record the transfer on the books of Mountain High assuming that the sale criteria are met. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)3. ABC Co assigned P500,000 of its account receivables to XYZ Bank as a security for a 10% loan of P420,000. XYZ charged a 2% commission on the amount of the loan. During the first month, ABC collected 110,000 on assigned accounts after deducting P380 of discounts. ABC accepted returns of P1,350 and wrote off assigned receivables amounting to P3,700. The entries during the first month should include: Dr Cash 110,380 Dr Bad debts expense 3,700 Dr Allowance for bad debts, 3,700 Dr Accounts Receivable 115,430Manji
- An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.ses Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $64,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 80% of the factored amount to Mountain High and retains 20% to cover sales returns and allowances. When the bank collects the receivables, It will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,400). Mountain High anticipates a $3,400 recourse obligation. The bank charges a 1% fee (1% of $64,000), and requires that amount to be paid at the start of the factoring arrangement. Mountain High has transferred control over the receivables, but determines that it still retains substantially all risks and rewards associated with them. Required: Prepare the Journal entry to record the transfer on the books of Mountain High, considering whether the sale criteria under IFRS have been met Note: If no entry is required for a transaction/event, select "No Journal…
- On March 1, 2016, ASG Co. assigned its P1,900,000 accounts receivable to DXB Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. ASG Co. received the loan proceeds after a 1.5% deduction for service fee based on the assigned notes. During March, P500,000 were collected from the receivables. Sales returns and discounts amounted to P150,000. How much net cash is received from the assignment transaction on March 1, 2016?VKS Corp. assigned P500,000 of accounts receivable to RK Finance Co. as security for a loan of P420,000. IntAcc1 charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, VKS collected P110,000 on assigned accounts after deducting P380 of discounts. VKS accepted returns worth P1,350 and wrote off assigned accounts totaling P3,700. The amount of cash VKS received from RK at the time of the transfer was ___________Give the journal entry for paying off the notes (RM3,000) and accrued interest (RM200).
- On October 31, 2021, Butter Company engaged in the following transactions: 1. Obtained a Php500,000, six month loan from Dope Bank, discounted at 12%. The company pledged Php500,000 of accounts receivable as security for the loan. 2. Factored Php1,000,000 of accounts receivable without recourse on a non notification basis with DNA Company. DNA charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored. >What is the total amount of cash received from the financing of the receivables? >What is the amount of cash received from the pledged accounts receivables?Otter company has a receivable amounting to P1,200,000 otter had previously established an allowance for bad debts of 50,000 in connection with these receivables.otter company sold these receivables with recourse for P1,060,000. Otter received P1,000,000 cash immediately from the factor. the remaining P60,000 will be received once the factor verifies that none of the receivables is in dispute. control was surrendered by Otter. the fair value of the recourse obligation is P26,000The loss on factoring to be recognized by Otter Company is?Wraith Inc. factored without recourse its accounts receivable amounting to P100,000. Wraith received P82,000 as cash advance from the bank and the bank withheld 3,000 as contingency for uncollectible accounts. The bank charged Wraith P15,000 as finance service fee for factoring. How much is the loss on factoring from the transaction? a. Zero b. 10,000 c. 15,000 d. 20,000
