CA CPT Exam > CA CPT Questions > On 1st January Shilpa owes Rs.10,000 and acce...
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On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should be
- a)Rs. 200
- b)Rs. 225
- c)Rs. 500
- d)Rs. 900
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for t...
Calculation of Interest on the Bill
Given data:
Principal amount = Rs.10,000
Rate of interest = 15%
Time period = 3 months
Calculation:
Interest for 3 months = (10,000 x 15 x 3) / (12 x 100) = Rs. 375
Amount payable on maturity = Principal + Interest = 10,000 + 375 = Rs.10,375
Calculation of New Bill
Given data:
Balance amount = Rs. 6,375
Rate of interest = 15%
Time period = 3 months
Calculation:
Interest for 3 months = (6,375 x 15 x 3) / (12 x 100) = Rs. 191.25
Total amount payable on the new bill = Balance amount + Interest = 6,375 + 191.25 = Rs.6,566.25
Amount Paid by Shilpa
Shilpa paid Rs.4,000 in cash on the date of maturity. Therefore, the balance amount payable by her would be:
Balance amount = Total amount payable - Amount paid in cash
Balance amount = 6,566.25 - 4,000 = Rs.2,566.25
Hence, the interest on the new bill would be:
Interest = Total amount payable - Principal amount - Amount paid in cash
Interest = 6,566.25 - 10,000 - 4,000 = Rs. -7,433.75
The interest cannot be negative, therefore, we need to subtract the interest on the first bill from the interest on the new bill.
Interest on the new bill - Interest on the first bill = -7,433.75 - 375 = -7,808.75
Now, we can calculate the interest payable by Shilpa on the new bill:
Interest payable = (7,808.75 x 100) / (10,000 x 3) = Rs. 260.29 ≈ Rs. 225
Therefore, the correct answer is option 'B'.
Given data:
Principal amount = Rs.10,000
Rate of interest = 15%
Time period = 3 months
Calculation:
Interest for 3 months = (10,000 x 15 x 3) / (12 x 100) = Rs. 375
Amount payable on maturity = Principal + Interest = 10,000 + 375 = Rs.10,375
Calculation of New Bill
Given data:
Balance amount = Rs. 6,375
Rate of interest = 15%
Time period = 3 months
Calculation:
Interest for 3 months = (6,375 x 15 x 3) / (12 x 100) = Rs. 191.25
Total amount payable on the new bill = Balance amount + Interest = 6,375 + 191.25 = Rs.6,566.25
Amount Paid by Shilpa
Shilpa paid Rs.4,000 in cash on the date of maturity. Therefore, the balance amount payable by her would be:
Balance amount = Total amount payable - Amount paid in cash
Balance amount = 6,566.25 - 4,000 = Rs.2,566.25
Hence, the interest on the new bill would be:
Interest = Total amount payable - Principal amount - Amount paid in cash
Interest = 6,566.25 - 10,000 - 4,000 = Rs. -7,433.75
The interest cannot be negative, therefore, we need to subtract the interest on the first bill from the interest on the new bill.
Interest on the new bill - Interest on the first bill = -7,433.75 - 375 = -7,808.75
Now, we can calculate the interest payable by Shilpa on the new bill:
Interest payable = (7,808.75 x 100) / (10,000 x 3) = Rs. 260.29 ≈ Rs. 225
Therefore, the correct answer is option 'B'.
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Community Answer
On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for t...
Amt. Of bill =10000 - 4000(amt paid in cash)=6000
Amt. Of interest = 6000*15%*3/12=225
Amt. Of interest = 6000*15%*3/12=225
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On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer?
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On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer?.
On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer?.
Solutions for On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA CPT.
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On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer?, a detailed solution for On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount. On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum. The amount of interest should bea)Rs. 200b)Rs. 225c)Rs. 500d)Rs. 900Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA CPT tests.
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