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How much net cash received from the assignment transaction

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Question - On March 1 2018, Ramos Co. assigned its php 1,000,000 accounts receivable to Cammayo Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables. Ramos Co. received the loan proceeds after a 2% deduction for service fee based on the assigned notes. During March php 500,000 were collected from the receivables. Sales return and discount amounted to php 150,000. How much net cash received from the assignment transaction on March 1, 2018?

Reference no: EM132531163

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