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How much is venice company equity

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Reference no: EM132857396

Question - Venice Company assigned P2,000,000 specific accounts receivable to AB Finance Company as a security for a loan of P1,200,000. AB Finance charged a 2% finance charge based on the amount of the loan. The interest rate of the loan/note was 12%. During the first month, Venice Company collected P490,000 on assigned accounts after deducting P10,000 of sales discounts. In addition, defective merchandise worth P20,000 were returned. Venice Company also wrote off P15,000 of assigned accounts as uncollectible. One month after the loan was obtained, Venice Company paid AB Finance P300,000 plus interest.

Required - How much is Venice Company's equity in assigned accounts after considering all the given transactions?

Reference no: EM132857396

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