Reference no: EM132935572
On November 1, 2019, M2M Company assigned on a non-notification basis accounts receivable of P3,000,000 to a bank in consideration for a loan of 80% of the receivables less a 5% service fee on the accounts assigned. The interest rate of the loan is 12% per annum. On November 30, 2019, the company collected assigned accounts of P2,000,000 and remitted the collections to the bank in partial payment for the loan. The bank applied first the collections to the interest and the balance to the principal. On December 31, 2019, the company collected assigned accounts of P800,000.
Problem 1: How much is the balance of accounts receivable-assigned as of November 30, 2019?
Problem 2: How much is the balance of notes payable-bank as of November 30, 2019?
Problem 3: How much is the balance of notes payable-bank as of December 31, 2019?
Problem 4: How much is the balance of accounts receivable-assigned as of December 31, 2019?
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