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A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_?
Most Upvoted Answer
A drew on accommodation bill on B for 3 months. Proceeds were to be sh...
Let the face value of the bill be x.
A drew the bill on B for 3 months, so the maturity value of the bill would be:
Maturity value = face value + interest
Maturity value = x + (x * (12/100) * (3/12)) [as the bill was discounted for 3 months at 12% p.a.]
Maturity value = x + 0.03x
Maturity value = 1.03x
Now, the proceeds of the bill were shared equally between A and B, so each of them received:
Proceeds = 97000/2
Proceeds = 48500
Since A drew the bill, he received the discount amount as his share, i.e.,
Discount = Maturity value - Face value
Discount = (1.03x) - x
Discount = 0.03x
A's share = 48500
A's share = 0.5 * (Maturity value - Discount) [as A received both the face value and the discount amount]
48500 = 0.5 * (1.03x - 0.03x)
48500 = 0.5 * x * 1.00
x = 97000
Therefore, the face value of the bill was Rs. 97000.
A drew the bill on B for 3 months, so the maturity value of the bill would be:
Maturity value = face value + interest
Maturity value = x + (x * (12/100) * (3/12)) [as the bill was discounted for 3 months at 12% p.a.]
Maturity value = x + 0.03x
Maturity value = 1.03x
Now, the proceeds of the bill were shared equally between A and B, so each of them received:
Proceeds = 97000/2
Proceeds = 48500
Since A drew the bill, he received the discount amount as his share, i.e.,
Discount = Maturity value - Face value
Discount = (1.03x) - x
Discount = 0.03x
A's share = 48500
A's share = 0.5 * (Maturity value - Discount) [as A received both the face value and the discount amount]
48500 = 0.5 * (1.03x - 0.03x)
48500 = 0.5 * x * 1.00
x = 97000
Therefore, the face value of the bill was Rs. 97000.
Community Answer
A drew on accommodation bill on B for 3 months. Proceeds were to be sh...
Bill amount was 1,00,000
explanation : 97,000/ 97%(.97) = 1,00,000
explanation : 97,000/ 97%(.97) = 1,00,000
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A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_?
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A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_? 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 A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_?.
A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_? 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 A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A drew on accommodation bill on B for 3 months. Proceeds were to be shared 97000 equally. A got the bill discounted at 12% p.a. & remitted 48,500 to B. Bill amount was_?.
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