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Derecognition of financial asset

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Derecognition of financial asset

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by MikeLittle.
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  • April 1, 2014 at 4:31 pm #163912
    frafiq81
    Participant
    • Topics: 30
    • Replies: 87
    • ☆☆

    A company sells 100,000 dollars of its receivables to a factor and receives 80 percent immediately. The factor charges a fee of $8,000 for the service. The debts are factored without recourse and a balancing payment of $12,000 will be paid by the factor 30 days after the receivables are factored.

    What would be the double entries for it please. thanks

    April 2, 2014 at 11:24 am #164011
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    debit cash (eventually) $92,000
    debit finance charges $ 8,000
    Credit receivables $100,000

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