CA Foundation Exam > CA Foundation Questions > On 1.6.05 X draw a bill on Y for Rs. 50,000. ...
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On 1.6.05 X draw a bill on Y for Rs. 50,000. At maturity Y request X to accept Rs. 10,000 in cash and noting charges incurred Rs. 200 and for the balance X draw a bill on Y for 2 months at 12% p.a. Interest amount will be:
- a)410
- b)800
- c)440
- d)400
Correct answer is option 'B'. Can you explain this answer?
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On 1.6.05 X draw a bill on Y for Rs. 50,000. At maturity Y request X t...
Given:
On 1.6.05 X draws a bill on Y for Rs. 50,000.
At maturity Y request X to accept Rs. 10,000 in cash and noting charges incurred Rs. 200.
For the balance X draws a bill on Y for 2 months at 12% p.a.
To find: Interest amount on the balance amount.
Calculation:
The total amount of the bill drawn by X on Y is Rs. 50,000.
Y paid Rs. 10,000 in cash and the noting charges incurred were Rs. 200. So, the balance amount is:
Rs. 50,000 - Rs. 10,000 - Rs. 200 = Rs. 39,800
X draws a bill on Y for 2 months at 12% p.a.
The formula to calculate simple interest is:
Simple Interest = (Principal * Rate * Time)/100
Here, Principal = Rs. 39,800, Rate = 12% p.a., and Time = 2 months
Converting the time to years: 2/12 = 1/6 years
Substituting the values in the formula, we get:
Simple Interest = (39,800 * 12 * 1/6)/100
= Rs. 2,386.67
Therefore, the interest amount on the balance amount is Rs. 2,386.67
But, the question asks for the interest amount on the balance amount for 2 months. So, we need to calculate the interest amount for 2 months.
The interest for 1 month is Rs. 2,386.67/6 = Rs. 397.78
So, the interest amount for 2 months is 2 * Rs. 397.78 = Rs. 795.56
Hence, the correct answer is option (b) 800.
On 1.6.05 X draws a bill on Y for Rs. 50,000.
At maturity Y request X to accept Rs. 10,000 in cash and noting charges incurred Rs. 200.
For the balance X draws a bill on Y for 2 months at 12% p.a.
To find: Interest amount on the balance amount.
Calculation:
The total amount of the bill drawn by X on Y is Rs. 50,000.
Y paid Rs. 10,000 in cash and the noting charges incurred were Rs. 200. So, the balance amount is:
Rs. 50,000 - Rs. 10,000 - Rs. 200 = Rs. 39,800
X draws a bill on Y for 2 months at 12% p.a.
The formula to calculate simple interest is:
Simple Interest = (Principal * Rate * Time)/100
Here, Principal = Rs. 39,800, Rate = 12% p.a., and Time = 2 months
Converting the time to years: 2/12 = 1/6 years
Substituting the values in the formula, we get:
Simple Interest = (39,800 * 12 * 1/6)/100
= Rs. 2,386.67
Therefore, the interest amount on the balance amount is Rs. 2,386.67
But, the question asks for the interest amount on the balance amount for 2 months. So, we need to calculate the interest amount for 2 months.
The interest for 1 month is Rs. 2,386.67/6 = Rs. 397.78
So, the interest amount for 2 months is 2 * Rs. 397.78 = Rs. 795.56
Hence, the correct answer is option (b) 800.
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Community Answer
On 1.6.05 X draw a bill on Y for Rs. 50,000. At maturity Y request X t...
Y has to pay X rs25000 . before the due date, Y approached to X to accpet rs5000 in cash and renew the bill for the left amount with interest at 12%p.a. Hence now the actual amount left is rs 20000. meanwhile the interest on it comes to rs 2400 which is for the whole year. but the period of the bill is 2 months. therefore it would amount to rs 400. hence the answer is rs 400 i. e. option D
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On 1.6.05 X draw a bill on Y for Rs. 50,000. At maturity Y request X to accept Rs. 10,000 in cash and noting charges incurred Rs. 200 and for the balance X draw a bill on Y for 2 months at 12% p.a. Interest amount will be:a)410b)800c)440d)400Correct answer is option 'B'. Can you explain this answer?
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