Reference no: EM132945515
Question - COLLANTES Company assigned certain accounts receivable to a bank for a loan on the following basis: 75% cash advance, 4 % service charge on gross accounts assigned, 2% interest per month is to be charged, and the bank makes the collections. The entity signed a promissory note for the loan.
July 1 Received remittance upon the specific assignment of P1,500,000 in accounts to the bank.
Aug 1 Received notice from bank that P800,000 of the assigned accounts were collected. A check was sent to the bank for one month interest charge.
Sep 1 Received notice from the bank that assigned accounts of P500,000 were collected in full and the remaining accounts of P200,000 were being returned. Accordingly, a check was received from the bank in settlement of the assignment contract. In making the settlement, the bank deducted the interest charge for the corresponding period.
Required - How much is the cash remittance from bank on September 1?
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