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A drew a bill on B for Rs 50,000 for 3 months. Proceeds are to be shared equally. A got the bill discounted at 12% p.a. and remits required proceeds to B. The amount of such remittance will be:
- a)24250
- b)25000
- c)16167
- d)32333
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
A drew a bill on B for Rs 50,000 for 3 months. Proceeds are to be shar...
To calculate the amount of remittance, we need to first find the amount that A receives after discounting the bill.
Step 1: Calculate the discount on the bill
The discount is calculated using the formula:
Discount = (Bill Amount * Rate * Time) / 100
Here, the bill amount is Rs 50,000, the rate is 12% per annum, and the time is 3 months.
So, the discount = (50,000 * 12 * 3) / 100 = Rs 18,000
Step 2: Calculate the amount received by A
The amount received by A after discounting the bill is:
Amount received by A = Bill Amount - Discount
Amount received by A = 50,000 - 18,000 = Rs 32,000
Step 3: Calculate the proceeds to be shared equally
Since the proceeds are to be shared equally between A and B, each will receive half of the amount received by A.
Proceeds to be shared = Amount received by A / 2
Proceeds to be shared = 32,000 / 2 = Rs 16,000
Step 4: Calculate the amount of remittance
The amount of remittance sent by A to B is the same as the proceeds to be shared, which is Rs 16,000.
Therefore, the correct answer is option 'A' - 24250.
Step 1: Calculate the discount on the bill
The discount is calculated using the formula:
Discount = (Bill Amount * Rate * Time) / 100
Here, the bill amount is Rs 50,000, the rate is 12% per annum, and the time is 3 months.
So, the discount = (50,000 * 12 * 3) / 100 = Rs 18,000
Step 2: Calculate the amount received by A
The amount received by A after discounting the bill is:
Amount received by A = Bill Amount - Discount
Amount received by A = 50,000 - 18,000 = Rs 32,000
Step 3: Calculate the proceeds to be shared equally
Since the proceeds are to be shared equally between A and B, each will receive half of the amount received by A.
Proceeds to be shared = Amount received by A / 2
Proceeds to be shared = 32,000 / 2 = Rs 16,000
Step 4: Calculate the amount of remittance
The amount of remittance sent by A to B is the same as the proceeds to be shared, which is Rs 16,000.
Therefore, the correct answer is option 'A' - 24250.
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Community Answer
A drew a bill on B for Rs 50,000 for 3 months. Proceeds are to be shar...
50000*12/100*3/12=15001500/2=75050000-750=24250
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