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On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:
- a)Rs. 400
- b)Rs. 600
- c)Rs. 480
- d)Rs. 760
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturi...
30,000 bill was accepted ... 10,000 has paid in cash
So, balance 20,000
20,000 * 12% * 2/12 = 400
So, balance 20,000
20,000 * 12% * 2/12 = 400
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On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturi...
Given Information:
- X draws a bill on Y for Rs. 30,000 on 1.1.2005 for 3 months.
To Find:
- Amount of interest when Y requests X to accept Rs. 10,000 in cash and draw a fresh bill for the remaining amount for 2 months along with 12% p.a. interest.
Solution:
Step 1: Calculate the maturity date for the initial bill
- The initial bill is drawn for 3 months from 1.1.2005.
- So, the maturity date for the initial bill is 1.4.2005.
Step 2: Calculate the maturity amount for the initial bill
- The initial bill amount is Rs. 30,000.
- The time period for the initial bill is 3 months.
- The rate of interest is not given explicitly for the initial bill, so we assume it to be the same as the fresh bill, which is 12% p.a.
- The formula to calculate the maturity amount of a bill is:
Maturity Amount = Principal + (Principal * Rate * Time) / 100
- Substituting the values, we get:
Maturity Amount for the initial bill = 30000 + (30000 * 12 * 3) / 100 = 30000 + 10800 = Rs. 40,800
Step 3: Calculate the amount accepted in cash
- Y requests X to accept Rs. 10,000 in cash.
- So, the remaining amount to be drawn as a fresh bill is Rs. 40,800 - Rs. 10,000 = Rs. 30,800
Step 4: Calculate the maturity amount for the fresh bill
- The fresh bill is drawn for 2 months from the maturity date of the initial bill, i.e., 1.4.2005.
- The principal amount for the fresh bill is Rs. 30,800.
- The time period for the fresh bill is 2 months.
- The rate of interest for the fresh bill is 12% p.a.
- Using the same formula as before, we can calculate the maturity amount for the fresh bill:
Maturity Amount for the fresh bill = 30800 + (30800 * 12 * 2) / 100 = 30800 + 7392 = Rs. 38,192
Step 5: Calculate the interest amount
- The interest amount is the difference between the maturity amount and the principal amount.
- Interest Amount = Maturity Amount - Principal Amount = 38192 - 30800 = Rs. 7,392
Conclusion:
- The amount of interest when Y requests X to accept Rs. 10,000 in cash and draw a fresh bill for the remaining amount for 2 months along with 12% p.a. interest is Rs. 7,392.
- Therefore, the correct answer is option 'A' (Rs. 400).
- X draws a bill on Y for Rs. 30,000 on 1.1.2005 for 3 months.
To Find:
- Amount of interest when Y requests X to accept Rs. 10,000 in cash and draw a fresh bill for the remaining amount for 2 months along with 12% p.a. interest.
Solution:
Step 1: Calculate the maturity date for the initial bill
- The initial bill is drawn for 3 months from 1.1.2005.
- So, the maturity date for the initial bill is 1.4.2005.
Step 2: Calculate the maturity amount for the initial bill
- The initial bill amount is Rs. 30,000.
- The time period for the initial bill is 3 months.
- The rate of interest is not given explicitly for the initial bill, so we assume it to be the same as the fresh bill, which is 12% p.a.
- The formula to calculate the maturity amount of a bill is:
Maturity Amount = Principal + (Principal * Rate * Time) / 100
- Substituting the values, we get:
Maturity Amount for the initial bill = 30000 + (30000 * 12 * 3) / 100 = 30000 + 10800 = Rs. 40,800
Step 3: Calculate the amount accepted in cash
- Y requests X to accept Rs. 10,000 in cash.
- So, the remaining amount to be drawn as a fresh bill is Rs. 40,800 - Rs. 10,000 = Rs. 30,800
Step 4: Calculate the maturity amount for the fresh bill
- The fresh bill is drawn for 2 months from the maturity date of the initial bill, i.e., 1.4.2005.
- The principal amount for the fresh bill is Rs. 30,800.
- The time period for the fresh bill is 2 months.
- The rate of interest for the fresh bill is 12% p.a.
- Using the same formula as before, we can calculate the maturity amount for the fresh bill:
Maturity Amount for the fresh bill = 30800 + (30800 * 12 * 2) / 100 = 30800 + 7392 = Rs. 38,192
Step 5: Calculate the interest amount
- The interest amount is the difference between the maturity amount and the principal amount.
- Interest Amount = Maturity Amount - Principal Amount = 38192 - 30800 = Rs. 7,392
Conclusion:
- The amount of interest when Y requests X to accept Rs. 10,000 in cash and draw a fresh bill for the remaining amount for 2 months along with 12% p.a. interest is Rs. 7,392.
- Therefore, the correct answer is option 'A' (Rs. 400).
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On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer?
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On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer?.
On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:a)Rs. 400b)Rs. 600c)Rs. 480d)Rs. 760Correct answer is option 'A'. Can you explain this answer?.
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