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The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400?
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The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounte...
Calculating the Amount to be Received from Ritesh
Given data:
- Bill amount: Rs. 10,000
- Discounted amount: Rs. 9,600
- Bill dishonoured amount: Rs. 200
To calculate the amount to be received from Ritesh, we need to understand the different transactions that have taken place and their impact on the final amount.
Discounting the Bill
When Hitesh discounted the bill on 15th July 2006, he received Rs. 9,600 from the bank. This means that he sold the bill to the bank at a discount of Rs. 400 (10,000 - 9,600). The bank, in turn, would have collected the full amount from Ritesh at the time of maturity.
Dishonour of the Bill
However, when the bill was presented for payment on 4th October 2006, it was dishonoured and the bank notified Hitesh for Rs. 200. This means that Ritesh did not have sufficient funds in his account to honour the bill.
Calculating the Amount Receivable from Ritesh
To calculate the amount receivable from Ritesh, we need to add the dishonoured amount of Rs. 200 to the discounted amount of Rs. 9,600. This gives us a total of Rs. 9,800 that Hitesh is entitled to receive from Ritesh.
However, we also need to add the discount amount of Rs. 400 that Hitesh had already received from the bank. So, the total amount receivable from Ritesh would be Rs. 10,200 (9,800 + 400).
Hence, the correct option is (c) Rs. 10,200.
Given data:
- Bill amount: Rs. 10,000
- Discounted amount: Rs. 9,600
- Bill dishonoured amount: Rs. 200
To calculate the amount to be received from Ritesh, we need to understand the different transactions that have taken place and their impact on the final amount.
Discounting the Bill
When Hitesh discounted the bill on 15th July 2006, he received Rs. 9,600 from the bank. This means that he sold the bill to the bank at a discount of Rs. 400 (10,000 - 9,600). The bank, in turn, would have collected the full amount from Ritesh at the time of maturity.
Dishonour of the Bill
However, when the bill was presented for payment on 4th October 2006, it was dishonoured and the bank notified Hitesh for Rs. 200. This means that Ritesh did not have sufficient funds in his account to honour the bill.
Calculating the Amount Receivable from Ritesh
To calculate the amount receivable from Ritesh, we need to add the dishonoured amount of Rs. 200 to the discounted amount of Rs. 9,600. This gives us a total of Rs. 9,800 that Hitesh is entitled to receive from Ritesh.
However, we also need to add the discount amount of Rs. 400 that Hitesh had already received from the bank. So, the total amount receivable from Ritesh would be Rs. 10,200 (9,800 + 400).
Hence, the correct option is (c) Rs. 10,200.
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The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400?
Question Description
The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400? 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 The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400?.
The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400? 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 The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400?.
Solutions for The bill of Rs. 10,000 accepted by Ritesh on 1July 2006, was discounted by Hitesh on 15 July 2006 for Rs. 9,600. On 4 th October 2006, the bill was dishonoured and bank notified it for Rs. 200. The amount to be received from Ritesh would be (a) Rs.10,600 (b) Rs.10,000 (c) Rs.10,200 (d) Rs.10,400? in English & in Hindi are available as part of our courses for CA Foundation.
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