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
The solution of Question No 22 Chapter No 15: –
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 |
Bills Receivable Book | Subsidiary Books | Examples
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Bills Payable Book | Subsidiary Books | Examples
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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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
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Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)