Reference no: EM132936838

Problem - As of January 1, 2020, ABC Company has an accounts receivable balance of P 750,000. During the year, P 200,000 of the accounts receivable were assigned for a bank loan applied of P 100,000 and P 300,000 were factored with a factoring fee of 5% and 10% were withheld for any anticipated sales returns. Collections from the assigned accounts of P 50,000 were in this was applied first to interest of P 7,000 by ABC Company under non-notification basis. Also, there are sales returns of P 2,000. How much accounts receivable must be presented as of December 31, 2020, assuming only the above transactions happened during the year?