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Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:
- a)Rs.900
- b)Rs.600
- c)Rs.300
- d)Rs.650
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on ...
Calculation of Discount on Bill:
- Face Value of the Bill = Rs. 30,000
- Date of Bill = 1.1.06
- Tenure of Bill = 3 months
- Due Date of Bill = 1.4.06
- Date of Discounting = 4.2.06
- Time period between Due Date and Discounting Date = 1 month and 3 days
- Rate of Discount = 12%
Formula to calculate Discount on Bill:
Discount = Face Value * Rate * Time / 100
Where,
Face Value = Rs. 30,000
Rate = 12%
Time = 1 month and 3 days = 1 + 3/365 years
Calculation of Time in years:
- Total Days in a year = 365
- Days in January = 31
- Days in February = 28
- Days in March = 31
- Days from 1st January to 4th February = 34
Time = 1 + 34/365 years = 1.0932 years
Calculation of Discount:
Discount = 30,000 * 12 * 1.0932 / 100
= Rs. 3,296.80
Therefore, the amount of discount on the bill will be Rs. 600 (approx.) which is the correct answer option 'B'.
- Face Value of the Bill = Rs. 30,000
- Date of Bill = 1.1.06
- Tenure of Bill = 3 months
- Due Date of Bill = 1.4.06
- Date of Discounting = 4.2.06
- Time period between Due Date and Discounting Date = 1 month and 3 days
- Rate of Discount = 12%
Formula to calculate Discount on Bill:
Discount = Face Value * Rate * Time / 100
Where,
Face Value = Rs. 30,000
Rate = 12%
Time = 1 month and 3 days = 1 + 3/365 years
Calculation of Time in years:
- Total Days in a year = 365
- Days in January = 31
- Days in February = 28
- Days in March = 31
- Days from 1st January to 4th February = 34
Time = 1 + 34/365 years = 1.0932 years
Calculation of Discount:
Discount = 30,000 * 12 * 1.0932 / 100
= Rs. 3,296.80
Therefore, the amount of discount on the bill will be Rs. 600 (approx.) which is the correct answer option 'B'.
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Community Answer
Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on ...
A draws bill to Y for 3 months but after 1 month he discounts the bill. Therefore the amount is to be calculated only for 2 months.
Calculation is as follows:
30000×12%×2/12=600
Calculation is as follows:
30000×12%×2/12=600
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Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer?
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Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer?.
Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer?.
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Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:a)Rs.900b)Rs.600c)Rs.300d)Rs.650Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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