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Question No 22 Chapter No 15
Retiring a bill under Rebate
22. On August 1, 2018, Pandya draws a bill on Raina for Rs 6,000 payable after 4 months. As per the customs of the trade, cash rebate @15% p.a. allowed for early payment of the biil
Calculate the amount of rebate in the following cases:
(i)Raina retires the bill on Sep. 4, 2018
(ii)Raina retires the bill on Oct. 4, 2018
(iii)Raina retires the bill on Nov. 4, 2018
Calculation of the amount of Rebate
Retires the bill on Sep. 4,2018
| Retires | = | 6,000 | x | 15 | x | 3 |
| 100 | 12 | |||||
| = | Rs 225 |
Retires the bill on Oct. 4, 2018
| Retires | = | 6,000 | x | 15 | x | 2 |
| 100 | 12 | |||||
| = | Rs 150 |
Retires the bill on Nov. 4, 2018
| Retires | = | 6,000 | x | 15 | x | 1 |
| 100 | 12 | |||||
| = | Rs 75 |
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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