CA Foundation Exam > CA Foundation Questions > On 1.1.05 X draw a bill on Y for Rs. 50,000. ...
Start Learning for Free
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:
- a)20,000
- b)Nil
- c)30,000
- d)40 paise
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill ret...
Calculation of Amount Recovered from Insolvent Debtor
Given:
- X drew a bill on Y for Rs. 50,000 on 1.1.05.
- At maturity, the bill returned dishonoured as Y became insolvent.
- 40 paise per rupee is recovered from Y's estate.
To find: The amount recovered from Y's estate.
Solution:
Step 1: Calculate the total amount due on the bill
As the bill was drawn for Rs. 50,000, the total amount due on the bill is Rs. 50,000.
Step 2: Calculate the amount recovered from Y's estate
As Y became insolvent, his estate was only able to pay 40 paise per rupee. Therefore, the amount recovered from Y's estate is:
40 paise per rupee = 40/100 = 0.4
Amount recovered = Total amount due x Amount recovered per rupee
Amount recovered = Rs. 50,000 x 0.4
Amount recovered = Rs. 20,000
Therefore, the amount recovered from Y's estate is Rs. 20,000.
Answer: Option (a) 20,000
Given:
- X drew a bill on Y for Rs. 50,000 on 1.1.05.
- At maturity, the bill returned dishonoured as Y became insolvent.
- 40 paise per rupee is recovered from Y's estate.
To find: The amount recovered from Y's estate.
Solution:
Step 1: Calculate the total amount due on the bill
As the bill was drawn for Rs. 50,000, the total amount due on the bill is Rs. 50,000.
Step 2: Calculate the amount recovered from Y's estate
As Y became insolvent, his estate was only able to pay 40 paise per rupee. Therefore, the amount recovered from Y's estate is:
40 paise per rupee = 40/100 = 0.4
Amount recovered = Total amount due x Amount recovered per rupee
Amount recovered = Rs. 50,000 x 0.4
Amount recovered = Rs. 20,000
Therefore, the amount recovered from Y's estate is Rs. 20,000.
Answer: Option (a) 20,000
Free Test
FREE
| Start Free Test |
Community Answer
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill ret...
40 paise per rupee means 40 percent in what we should get .
here we should get 50,000
so we will get 50,000×40/100=20,000
here we should get 50,000
so we will get 50,000×40/100=20,000
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
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer?
Question Description
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. 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 On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. 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 On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer?.
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. 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 On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. 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 On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer?.
Solutions for On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer? 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 On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice On 1.1.05 X draw a bill on Y for Rs. 50,000. At maturity, the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:a)20,000b)Nilc)30,000d)40 paiseCorrect answer is option 'A'. Can you explain this answer? 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
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup