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A draws a bill on B for Rs 4500 for mutual accommodation in the ratio 2:1. A got it discounted at 4230 and remitted 1/3rd of the proceeds to B. At the time of maturity, how much amount A should remit to B such that B can pay off the bill?
  • a)
    3000
  • b)
    2880
  • c)
    2920
  • d)
    3010
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
A draws a bill on B for Rs 4500 for mutual accommodation in the ratio ...
Given, the bill amount is Rs 4500 and the ratio of mutual accommodation is 2:1.

Step-by-step solution:

1. A got the bill discounted at Rs 4230, which is 94% of the bill amount.

2. A remitted 1/3rd of the discounted amount to B, which is (1/3) * 4230 = Rs 1410.

3. Hence, A received Rs 2820 (4230 - 1410) from the discounting agency.

4. As per the ratio, A's share is 2/3rd and B's share is 1/3rd. Therefore, A's share is (2/3) * 4500 = Rs 3000 and B's share is (1/3) * 4500 = Rs 1500.

5. A has already remitted Rs 1410 to B. Therefore, A needs to remit the remaining amount to B, which is (1500 - 1410) = Rs 90.

6. At the time of maturity, A should remit Rs 3000 + Rs 90 = Rs 3090 to B such that B can pay off the bill.

Hence, option (a) 3000 is the correct answer.
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A draws a bill on B for Rs 4500 for mutual accommodation in the ratio 2:1. A got it discounted at 4230 and remitted 1/3rd of the proceeds to B. At the time of maturity, how much amount A should remit to B such that B can pay off the bill?a)3000b)2880c)2920d)3010Correct answer is option 'A'. Can you explain this answer?
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