Dear All,
Recently Our company assigned future receivables (both Principal +Interest) at discounted rate to a bank. Total Value of Future receivables is 18 crores and the amount we received is 16 crores. Now the question how to account the receipt and monthly payment of princpal and interest to the bank?
Can any body suggest me?
Thank You
Regards
Pavan.Jinuga
i am not able to understand your question pls can u make it clear?
| Originally posted by :Pavan | ||
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Dear All, I Will make the question clear. We are into Finance business. We Sold our Portfolio ( Book Debts ) to a bank. The banker has taken our Portfolio: Principal : 13.60 Crores, Interest : 2.2 Crores ( This we will receive in next 24 months on the principal). The Bank has discounted the whole amount 15.80 Crores at 12.5% and given us the proceeds of Rs 14.60 Crores. We have to Pay to the banker in next 24 months an amount of Rs 15.80 Crores. Now how we have to account the whole transaction and the future payments to Banks in the books of me ? Regards Pavan.Jinuga
Dear All, |
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