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Question No 23 Chapter No 15
Retiring a bill under Rebate
23. On May 11,2017, Jackson draws a bill on Roxon for Rs 12,000payable after fur months. As per agreement, 6% p.a. rebate is allowed for early payment of the bill. Calculate the amount of rebate in the following cases:
(a)Roxan retires the bill on June 14,2017
(b)Roxan retires the bill on July 14,2017
(c)The bill paid on August 14,2017
Calculation of the amount of Rebate
Roxan Retires the bill on June 14,2017
| Retires | = | 12,000 | x | 6 | x | 3 |
| 100 | 12 | |||||
| = | Rs 180 |
Roxan Retires the bill on July 14, 2017
| Retires | = | 12,000 | x | 6 | x | 2 |
| 100 | 12 | |||||
| = | Rs 120 |
The bill is paid on August 14,2017
| Retires | = | 12,000 | x | 6 | x | 1 |
| 100 | 12 | |||||
| = | Rs 60 |
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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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