On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on : 250,000, 15% note from CIMB Bank. ABC Bhd will contimue to collect the assigned receivables. CIMB Bank will charge 2% as a fmance charge which will be deducted in advance on the 250,000 value of the note. Collections of receivables for September is RM100,000,les: cash discounts of RM800. On 1 October, ABC Bhd paid to the bank the amount owed fo September collection plus accrued interest. During October, ABC Bhd collected the remaining accounts except for RM550 written off as uncollectible On 1 November, ABC Bhd paid to CIMB Bank the remaining account owed plus accrued interest. REQUIRED:
On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on : 250,000, 15% note from CIMB Bank. ABC Bhd will contimue to collect the assigned receivables. CIMB Bank will charge 2% as a fmance charge which will be deducted in advance on the 250,000 value of the note. Collections of receivables for September is RM100,000,les: cash discounts of RM800. On 1 October, ABC Bhd paid to the bank the amount owed fo September collection plus accrued interest. During October, ABC Bhd collected the remaining accounts except for RM550 written off as uncollectible On 1 November, ABC Bhd paid to CIMB Bank the remaining account owed plus accrued interest. REQUIRED:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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