Question No 07 Chapter No 15
Bill Retained till due date
7. Ashaq drawn a bill of exchange on Malvika for Rs 18,000 on Jan 1,2019 payable after 4 months. The bill is Discounted by Asha from the bank. Calculate the discount in the following cases: (i) the bill is discounted for Rs 17,250.
(ii) The bill discounted at 6% p.a.
(iii) The bill is discounted at 6% p.a. on Feb. 4,2019
(iv) The bill is discounted at 6% p.a. on March 4, 2019
(v) The bill is discounted at 6% on April 4,2019
The solution of Question No 07 Chapter No 15: –
(i) Discount of the bill will be the difference between the amount of the bill and the amount received from the bank i.e. Rs 18,000 – Rs 17,250 = Rs 750
(ii)
| Discount | = | 18,000 | x | 6 | x | 4 |
| 100 | 12 | |||||
| = | Rs 360 |
(iii)
| Discount | = | 18,000 | x | 6 | x | 3 |
| 100 | 12 | |||||
| = | Rs 270 |
(iv)
| Discount | = | 18,000 | x | 6 | x | 2 |
| 100 | 12 | |||||
| = | Rs 180 |
(v)
| Discount | = | 18,000 | x | 6 | x | 1 |
| 100 | 12 | |||||
| = | Rs 90 |
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 – Theory Base of Accounting
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Chapter No. 3 – Vouchers and transactions
Chapter No. 4 – Journal
Chapter No. 5 – Ledger
Chapter No. 6 – Cash Book
Chapter No. 7 – Other Subsidiary Books
Chapter No. 8 – Journal Proper
Chapter No. 9 – Trial Balance
Chapter No. 10 – Bank Reconciliation Statement
Chapter No. 11 – Depreciation
Chapter No. 12 – Provisions and Reserves
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Chapter No. 13 – Bills of Exchange
Chapter No. 14 – Rectification of Errors
Chapter No. 15 – Financial Statements – (Without Adjustments)
Chapter No. 16 – Financial Statements – (With Adjustments)