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How it will be accounted for this case?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › How it will be accounted for this case?

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by Stephen Widberg.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • October 26, 2022 at 8:27 pm #670071
    Andreas1198
    Member
    • Topics: 3
    • Replies: 0
    • ☆

    On 31 December 20X1, Phoenix sold $1 million of receivables to a debt factor
    and has received a cash payment of 90% of the receivables sold. The terms of
    the factoring arrangement state that Phoenix must reimburse the factor for any
    amounts not collected after six months.

    October 27, 2022 at 8:46 am #670094
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3396
    • ☆☆☆☆☆

    Cash advance treated as a liability. No transfer of risks and rewards. 100000 finance charge.

    Please use more meaningful thread headers.

    “)

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘How it will be accounted for this case?’ is closed to new replies.

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