On November 1, 2021, FN Trading accepted a 90-day, 8% P9,000,000 note from ABC Co. FN immediately discounted with recourse the note to a bank that offers a 10% discount rate. On maturity date, ABC Co dishonoured the note. The bank charged processing fee of P80,000. How much is the total receivable of FDN Trading from ABC Co?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On November 1, 2021, FN Trading accepted a 90-day, 8% P9,000,000 note from ABC Co. FN immediately discounted with recourse the note to a bank that offers a 10% discount rate. On maturity date, ABC Co dishonoured the note. The bank charged processing fee of P80,000.

How much is the total receivable of FDN Trading from ABC Co?

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