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How much cash did ABC receive from DEF at the time

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Question - On December 1, 2017, ABC Company assigned P400, 000 of accounts receivable to DEF Company as a security for a loan of P335, 000. ABC Company charged a 2% commission on the amount of the loan; the interest rate on the loan was 10%. During December, ABC collected P110, 000 on assigned accounts after deducting P380 of discounts. ABC accepted returns worth P1,350 and wrote-off assigned accounts totalling P2, 980

Required - How much cash did ABC receive from DEF at the time of transfer?

a. P335, 000

b. P301, 500

c. P328, 300

d. P327, 000

e. Answer not given

Reference no: EM132567829

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