Question No 23 Chapter No 15 – USHA Publication 11 Class

Question No 23 Chapter No 15

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

 

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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