CA Foundation Exam > CA Foundation Questions > G and K enter into an accommodation arrangeme...
Start Learning for Free
G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.?
Most Upvoted Answer
G and K enter into an accommodation arrangement where under the procee...
Solution:
Calculation of Bill Amount:
Face value of the bill = Rs. 45,000
Date of bill = 3rd April, 2019
Due date of bill = 3 months from date of bill = 3rd July, 2019
Discounted value of the bill = Rs. 44,600
Sharing of Proceeds:
As per the accommodation arrangement between G and K, the proceeds are to be shared in the ratio of 2:1 i.e. 2/3 for G and 1/3 for K.
Remittance of K’s Share:
On 5th April, G remitted K’s share to him. The amount of K’s share can be calculated as follows:
K’s share = (1/3) * Discounted value of the bill
K’s share = (1/3) * Rs. 44,600
K’s share = Rs. 14,866.67
Payment of Bill:
On the due date i.e. 3rd July, 2019, K pays the bill. The amount paid by K can be calculated as follows:
Amount paid by K = Face value of the bill + Interest
Interest = Face value of the bill * Rate of interest * Time
Time = 3 months
Rate of interest = (Discounted value of the bill / Face value of the bill) * (360 / Time)
Rate of interest = (Rs. 44,600 / Rs. 45,000) * (360 / 3)
Rate of interest = 8%
Interest = Rs. 45,000 * 8% * 3/12
Interest = Rs. 900
Amount paid by K = Rs. 45,000 + Rs. 900
Amount paid by K = Rs. 45,900
Non-Remittance of G’s Share:
G fails to remit his share of the proceeds. This means that K is entitled to the entire amount of the bill. K can recover G’s share of the proceeds through legal proceedings.
Calculation of Bill Amount:
Face value of the bill = Rs. 45,000
Date of bill = 3rd April, 2019
Due date of bill = 3 months from date of bill = 3rd July, 2019
Discounted value of the bill = Rs. 44,600
Sharing of Proceeds:
As per the accommodation arrangement between G and K, the proceeds are to be shared in the ratio of 2:1 i.e. 2/3 for G and 1/3 for K.
Remittance of K’s Share:
On 5th April, G remitted K’s share to him. The amount of K’s share can be calculated as follows:
K’s share = (1/3) * Discounted value of the bill
K’s share = (1/3) * Rs. 44,600
K’s share = Rs. 14,866.67
Payment of Bill:
On the due date i.e. 3rd July, 2019, K pays the bill. The amount paid by K can be calculated as follows:
Amount paid by K = Face value of the bill + Interest
Interest = Face value of the bill * Rate of interest * Time
Time = 3 months
Rate of interest = (Discounted value of the bill / Face value of the bill) * (360 / Time)
Rate of interest = (Rs. 44,600 / Rs. 45,000) * (360 / 3)
Rate of interest = 8%
Interest = Rs. 45,000 * 8% * 3/12
Interest = Rs. 900
Amount paid by K = Rs. 45,000 + Rs. 900
Amount paid by K = Rs. 45,900
Non-Remittance of G’s Share:
G fails to remit his share of the proceeds. This means that K is entitled to the entire amount of the bill. K can recover G’s share of the proceeds through legal proceedings.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.?
Question Description
G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? 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 G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.?.
G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? 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 G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.?.
Solutions for G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? defined & explained in the simplest way possible. Besides giving the explanation of
G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.?, a detailed solution for G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? has been provided alongside types of G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? theory, EduRev gives you an
ample number of questions to practice G and K enter into an accommodation arrangement where under the proceeds are to be shared as 2/3 and 1/3 respectively. G draws a bill for Rs. 45,000 on 3rd April, 2019 at 3 months. G gets it discounted for Rs. 44,600 and on 5th April, remits K’s share to him. On due date, K pays the bill, though G fails to remit his share.? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup