Home > Receivable: Factoring (with questions) > Receivable: Factoring (with questions)

Receivable: Factoring (with questions)

Marisse wrote on Tue, 23 December 2008 05:38
Kuya! Salamat po sa tutorial! Smile

Ngayon ko lang nalaman yung tungkol sa Empty envelope. Ang dami pa namang ganun sa 1st quiz. di ko na lang ginalaw kasi empty na. nahalo pala yun sa petty cash Shocked hehe

Nga po pala, yung sa last problem about factoring.. Kung wala yung allowance for bad debts, 20,000 ang loss from factoring? (instead na 10,000 lang?)

yep. tama!

Entry:

(dr)cash 161,000
(dr)rec. from factor 19,000
(dr)loss from factoring 20,000
(cr)AR 200,000

ksi ang loss mo:
yung factor’s fee na 5% of 200,000 which is P10,000 at ung
loss from purchase price na 200,000 less 190,000 which is also P10,000

kasi ang pede ring way ng pagsolve dyan sa loss ay kung magkano yung talagang matatanggap mo (ung proceeds plus yung rec from factor) less yung AR na ginive-up mo. Diba ang usual na computation ng gain/loss asset received less asset given up.

Very Happy

PERO

habang hindi pa nakokolekta ang rec. from factor, at may nagsoli ng sales, ganito ang entry

(dr)Sales Returns & Allownaces xxx
(cr)Receivable from Factor xxx

at pag tapos na yung terms at may natira pa sa receivable frm factor, ganito ang entry:

(dr) Cash xxx
(cr) Receivable from Factor xxx

Marisse wrote on Tue, 23 December 2008 18:06
i see.. akala ko dati automatic na factoring fee=loss from factoring.. sa libro kasi ganun yung example..

Bale kung ang purchasing price ay 200T din. ang loss from factoring ay 10,000? Parang equal na rin sa factoring fee diba?

tama naman yung factoring fee = factoring loss IF the purchase price is equal to the net receivables factored. Pansinin mo, pareho sa purchase price yung value ng receivable factored. Pero pansinin mo yung sa problem ko, ung purchase price iba sa value ng net receivables. Simple lang kasi yung nasa book na problem para madali intindihin. Pero hindi lahat ng case pareho ang purchase price ng factor at ang value ng receivables factored.

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