On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as collateral on P150,000, 12% note from a Bangko Bank. Papa Po Company will continue to collect the assigned accounts receivable. In addition to the interest on the note, the bank also charged 5% finance fee deducted in advance on the 150,000 value of the note. The December collections of assigned accounts receivable amounted to 100,000 less cash discounts of 5,000. On December 31, 2020 Papa Po Company remitted the collections to the bank in payment for the interest accrued on December 31, 2020 and the note payable. What amount should be disclosed as the equity of Papa Po Company in assigned accounts on December 31, 2020?
On December 1, 2020, Papa Po Company assigned specific
What amount should be disclosed as the equity of Papa Po Company in assigned accounts on December 31, 2020?
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