Question No 07 Chapter No 15 – USHA Publication 11 Class

Question No 07 Chapter No 15

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        

 

 

Bills Receivable Book | Subsidiary Books | Examples

 

Bills Payable Book | Subsidiary Books | Examples

 


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Also, Check out the solved question of all Chapters: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

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 

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)

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