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On 1.1.05 X draws a bill on Y for Rs 50,000 for 3 months. X got the bill discounted 4.1.05 at 12% rate. The amount of discount on bill will be:
- a)1500
- b)1600
- c)1800
- d)1450
Correct answer is option 'A'. Can you explain this answer?
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On 1.1.05 X draws a bill on Y for Rs 50,000 for 3 months. X got the bi...
Calculation of Discount on Bill
Given:
Calculation:
Answer: The amount of discount on bill will be Rs 1,500 (option A).
Given:
- Drawn bill amount = Rs 50,000
- Duration of bill = 3 months
- Discount rate = 12%
Calculation:
- Number of days between drawee date (1.1.05) and discount date (4.1.05) = 3 days
- Discounted value of bill = Drawn bill amount - (Drawn bill amount x Discount rate x Number of days / 365)
- Discounted value of bill = 50,000 - (50,000 x 12 x 3 / 365)
- Discounted value of bill = Rs 48,500
- Discount on bill = Drawn bill amount - Discounted value of bill
- Discount on bill = 50,000 - 48,500
- Discount on bill = Rs 1,500
Answer: The amount of discount on bill will be Rs 1,500 (option A).
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On 1.1.05 X draws a bill on Y for Rs 50,000 for 3 months. X got the bill discounted 4.1.05 at 12% rate. The amount of discount on bill will be:a)1500b)1600c)1800d)1450Correct answer is option 'A'. Can you explain this answer?
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