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X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/04/16. The bill was discounted on 2/05/16 @ 12% p.a. The amount of discount will be Rs.________
- a)1800
- b)1200
- c)600
- d)1300
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/...
Amt . of discount = 60000× 12%×2/12
=1200
=1200
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X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/...
Calculation of Discount on Bill
Date of drawing the bill: 1/04/16
Face value of the bill: Rs.60,000
Tenure of the bill: 3 months
Date of acceptance of the bill: 2/04/16
Date of discounting the bill: 2/05/16
Rate of discount: 12% p.a.
Step 1: Calculation of the Due Date of the Bill
The due date of the bill can be calculated by adding the tenure of the bill to the date of drawing the bill.
Due date of the bill = Date of drawing the bill + Tenure of the bill
Due date of the bill = 1/04/16 + 3 months
Due date of the bill = 1/07/16
Step 2: Calculation of the Time Period for which the Bill is Discounted
The time period for which the bill is discounted can be calculated by subtracting the date of discounting the bill from the due date of the bill.
Time period for discounting the bill = Due date of the bill - Date of discounting the bill
Time period for discounting the bill = 1/07/16 - 2/05/16
Time period for discounting the bill = 60 days
Step 3: Calculation of the Discount on the Bill
The discount on the bill can be calculated using the following formula:
Discount = Face value of the bill x Rate of discount x Time period / 365
Discount = Rs.60,000 x 12% x 60 / 365
Discount = Rs.1,200
Therefore, the amount of discount on the bill is Rs.1,200. Option (B) is the correct answer.
Date of drawing the bill: 1/04/16
Face value of the bill: Rs.60,000
Tenure of the bill: 3 months
Date of acceptance of the bill: 2/04/16
Date of discounting the bill: 2/05/16
Rate of discount: 12% p.a.
Step 1: Calculation of the Due Date of the Bill
The due date of the bill can be calculated by adding the tenure of the bill to the date of drawing the bill.
Due date of the bill = Date of drawing the bill + Tenure of the bill
Due date of the bill = 1/04/16 + 3 months
Due date of the bill = 1/07/16
Step 2: Calculation of the Time Period for which the Bill is Discounted
The time period for which the bill is discounted can be calculated by subtracting the date of discounting the bill from the due date of the bill.
Time period for discounting the bill = Due date of the bill - Date of discounting the bill
Time period for discounting the bill = 1/07/16 - 2/05/16
Time period for discounting the bill = 60 days
Step 3: Calculation of the Discount on the Bill
The discount on the bill can be calculated using the following formula:
Discount = Face value of the bill x Rate of discount x Time period / 365
Discount = Rs.60,000 x 12% x 60 / 365
Discount = Rs.1,200
Therefore, the amount of discount on the bill is Rs.1,200. Option (B) is the correct answer.
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X draws a bill on 1/04/16 for Rs.60,000 for 3 months. Y accepted it 2/04/16. The bill was discounted on 2/05/16 @ 12% p.a. The amount of discount will be Rs.________a)1800b)1200c)600d)1300Correct answer is option 'B'. Can you explain this answer?
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