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How much of these receivables will be presented

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Question - CPA Co. is bothered about its cash position as collections of receivables are delayed and its obligations are currently maturing. On December 31 of the current year, the entity has the following accounts: Accounts receivable of P800,000 and allowance for doubtful accounts of P80,000. Because of its critical cash position, the entity factored (under casual factoring) its accounts receivable. The factor charged 15% commission on all accounts receivable and withheld 10% of the accounts factored as protection against customer returns and other adjustments. How much of these receivables will be presented in the statement of financial position?

Reference no: EM132921250

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