Question No 22 Chapter No 15 – USHA Publication 11 Class

Question No 22 Chapter No 15

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

 

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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