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
The solution of Question No 23 Chapter No 15: –
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 |
Bills Receivable Book | Subsidiary Books | Examples
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Bills Payable Book | Subsidiary Books | Examples
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Also, Check out the solved question of all Chapters: –
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
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)