23/11/2019 · Loans Receivable A financial Asset arising from a loan granted by a bank or other financial institution to a borrower or client. The term of the loan may be short-term but in most cases the repayment periods cover several receivable financial accounting valix. questioned by umar5781 @ 20/04/2021 in Accounting & Finance. What is cash according to PAS 7? a. No standard defines Cash. b. Cash comprises of cash on hand and demand deposits. c. Cash is a medium of exchange. d. Cash is a short-term, highly liquid investment that are readily convertible to known A loan receivable is the amount of money owed from a debtor to a creditor (typically a bank or credit union). It is recorded as a “loan receivable” in the creditor’s books. How Do You Record a Loan Receivable in Accounting? Like most businesses, a bank would use what is called a “Double Entry” system of accounting for all its transactions, including loan ;· Cash 250,000 Receivable from factor 250,000 Accounts receivable factored 3,000,000 Collections by factor 2,500,000 Balance – December 31 500,000 Receivable from factor per book 300,000 Required holdback (10% x 500,000) 50,000 Remittance from factor 250,000 81 Principal 1,500,000 Add: Interest (1,500,000 x 12% x 60/360) 30,000 Maturity value 1,530,000 Less: Discount (1,530,000 x 12% x 50/360) 25,500 Net credit 1,504,500 June 7 Accounts receivable …Loans Receivable an Impairment Solution - This preview shows page 1 - 6 out of 16 pages. 4,000,000 61,500 -350,000 3,711,500 Jan 1 2019 Loans Receivable 4,000,000 Cash 4,000,000 Cash 350,000 Unearned Interest Income 350,000 Unearned Interest Income 61,500 Cash 61,500 Nominal InEffective Interest AmortizationCarrying Amount Notes and Loans Receivable c8 Valix | Present Value | LoansNotes and Loans Receivable c8 Valix | Present Value | Loans(DOC) Financial Accounting 1 Valix | Genavie Solano Accounting for Loans Receivable: Here’s How It’s DoneDoubtful accounts 1,000 Allowance for doubtful accounts (39,000 – 38,000) 1,000 Problem 5-24 2008 Jan. 1 Loan receivable 4,000,000 Cash 4,000,000 Cash 342,100 Unearned interest income 342,100 Unearned interest income 150,000 Cash 150,000 Dec. 31 Cash 400,000 Interest income 400,000 Unearned interest income 56,948 Interest income 56,948 (10%) (12%) Date Interest received Interest …1,000,000 1,000,000 Allowance for loan impairment Interest income (8% x 5,020,000) 401,600 2010 Cash Loan receivable 2,000,000 Allowance for loan impairment Interest income 353,728 Loan receivable – 12/31/2009 5,000,000 Allowance for loan impairment (980,000 – 401,600) ( 578,400) 401,600 2,000,000 353,728 Carrying value – 12/31/200921. What is the carrying value of the loan receivable on January 1, 2006? a. 4,000,000 b. 4,650,000 c. 4,411,500 d. 3,711,500. 22. What is the interest income for 2006? a. 400,000 b. 558,000 c. 529,380 d. 445,380. National Bank grants a 10-year loan to Abbo Company in the amount of P1,500,000 with a stated interest rate of 6%.FRSC is the accounting standard setting body created PRC upon recommendation of BOA to assist the BOA in carrying out its powers and functions provided under RA 9298. Main function is to esbalish and improve accounting standards that will be generally accepted in the Phil. Theory_Financial_Accounting-_Valix_2018_Revised_Edition Save Theory_Financial_Accounting-_Valix_2018_Revised_Edition For Later Accounting …

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