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A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:
- a)Rs. 20,200
- b)Rs. 30,300
- c)Rs. 19,800
- d)Rs. 19,000
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill...
Correct option is B. Rs. 30,300
Bill amount = 50000
(+) Noting charges = 500
Bill amount = 50500
Recovered from B's estate = 50500*0.40 = 20200
Amount of deficiency to be recorded on insolvency = 50500 - 20200 = 30300
Hence b is the correct answer.
Bill amount = 50000
(+) Noting charges = 500
Bill amount = 50500
Recovered from B's estate = 50500*0.40 = 20200
Amount of deficiency to be recorded on insolvency = 50500 - 20200 = 30300
Hence b is the correct answer.
Most Upvoted Answer
A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill...
The amount recovered from B = 40% of Rs. 50,000 = Rs. 20,000
Amount due from B = Rs. 50,000 + Rs. 500 = Rs. 50,500
Remaining amount due from B = Rs. 50,500 - Rs. 20,000 = Rs. 30,500
As the bill was drawn for 3 months, the interest for 3 months needs to be calculated.
Interest = (P*R*T)/100
Where, P = Principal amount = Rs. 30,500
R = Rate of interest for 3 months = ?
T = Time period in years = 3/12 = 0.25 years
Interest = (30,500*R*0.25)/100
Interest = 7.625R
Total amount due from B = Rs. 50,500 (principal) + Rs. 500 (noting charges) + Rs. 7.625R (interest)
Rs. 20,000 was recovered from B, therefore the remaining amount due from B = Total amount due - Amount recovered
Rs. 30,500 + Rs. 7.625R = Rs. 30,500 - Rs. 20,000
Rs. 7.625R = Rs. 10,500
R = Rs. 10,500/7.625
R = Rs. 1,377.95
Therefore, the rate of interest for 3 months is Rs. 1,377.95 or approximately 2.76% per month.
Amount due from B = Rs. 50,000 + Rs. 500 = Rs. 50,500
Remaining amount due from B = Rs. 50,500 - Rs. 20,000 = Rs. 30,500
As the bill was drawn for 3 months, the interest for 3 months needs to be calculated.
Interest = (P*R*T)/100
Where, P = Principal amount = Rs. 30,500
R = Rate of interest for 3 months = ?
T = Time period in years = 3/12 = 0.25 years
Interest = (30,500*R*0.25)/100
Interest = 7.625R
Total amount due from B = Rs. 50,500 (principal) + Rs. 500 (noting charges) + Rs. 7.625R (interest)
Rs. 20,000 was recovered from B, therefore the remaining amount due from B = Total amount due - Amount recovered
Rs. 30,500 + Rs. 7.625R = Rs. 30,500 - Rs. 20,000
Rs. 7.625R = Rs. 10,500
R = Rs. 10,500/7.625
R = Rs. 1,377.95
Therefore, the rate of interest for 3 months is Rs. 1,377.95 or approximately 2.76% per month.
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A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer?
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A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? 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 A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer?.
A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? 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 A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer?.
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A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:a)Rs. 20,200b)Rs. 30,300c)Rs. 19,800d)Rs. 19,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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