CA Foundation Exam > CA Foundation Questions > Parul accepted a bill for 90 days of Rs.10000...
Start Learning for Free
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation.
Most Upvoted Answer
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th f...
The rebate amount will be Rs 190. Êxplanation ~ Total amount 10000 × 57 ÷ 360 × 12 ÷ 100 = 190Here,~10000 is total amount~57= 54 is Day remaining and 3 days of grace ÷ by total Days 360~Intrest rate 12%
Community Answer
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th f...
CALCULATING THE MATURITY DATE OF THE BILL:
To calculate the maturity date of the bill, we add 90 days to the date of acceptance, i.e., 10th Feb 2010.
Maturity date = 10th May 2010.
CALCULATING THE TIME PERIOD BETWEEN THE DATE OF ACCEPTANCE AND DATE OF RETIREMENT:
To calculate the time period between the date of acceptance and date of retirement, we count the number of days from 18th March 2010 to 10th May 2010.
Time period = (31-18) + 31 + 10 = 53 days.
CALCULATING THE AMOUNT OF REBATE:
The rebate is calculated using the following formula:
Rebate = Principal * Rate * Time / 360
Where,
Principal = Rs.10000
Rate = 12% p.a.
Time = 53 days
Using the above formula, we get:
Rebate = 10000 * 12 * 53 / 36000 = Rs. 190.67 (approx)
Therefore, the rebate amount offered by Rahul is Rs.190.67 (approx).
To calculate the maturity date of the bill, we add 90 days to the date of acceptance, i.e., 10th Feb 2010.
Maturity date = 10th May 2010.
CALCULATING THE TIME PERIOD BETWEEN THE DATE OF ACCEPTANCE AND DATE OF RETIREMENT:
To calculate the time period between the date of acceptance and date of retirement, we count the number of days from 18th March 2010 to 10th May 2010.
Time period = (31-18) + 31 + 10 = 53 days.
CALCULATING THE AMOUNT OF REBATE:
The rebate is calculated using the following formula:
Rebate = Principal * Rate * Time / 360
Where,
Principal = Rs.10000
Rate = 12% p.a.
Time = 53 days
Using the above formula, we get:
Rebate = 10000 * 12 * 53 / 36000 = Rs. 190.67 (approx)
Therefore, the rebate amount offered by Rahul is Rs.190.67 (approx).
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
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation.
Question Description
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. 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 Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation..
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. 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 Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation..
Solutions for Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. 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 Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. defined & explained in the simplest way possible. Besides giving the explanation of
Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation., a detailed solution for Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. has been provided alongside types of Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. theory, EduRev gives you an
ample number of questions to practice Parul accepted a bill for 90 days of Rs.10000 drawn by Rahul on 10th feb.2010.On 18th March,2010,Parul wished to retire the bill.Rahul offered rebate@12%p.a. considering the year of 360 days.Rebate amount will be?anyone plz answer with explanation. 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
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup