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How much net cash is received from assignment transaction

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Reference no: EM132912606

Problem 1: On march 1, 2021, Kimmy Co. assigned its P1,000,000 accounts receivable to Rafaela Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. Kimmy Co. received the loan proceeds after a 2% deduction for service fee based on the assigned notes. During March, P500,000 were collected from the receivables. Sales returns and discounts amounted to P150,000. How much net cash is received from the assignment transaction on March 1,2021?

Reference no: EM132912606

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