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Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?
- a)Rs.20
- b)Rs.25
- c)Rs.24
- d)Rs.28
Correct answer is option 'C'. Can you explain this answer?
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Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately ac...
Calculation of Interest on Renewal of Bill
Given data:
- Amount of bill = Rs. 1600
- Bill accepted on = 1.6.06
- Due date = 3 months from acceptance, i.e. 1.9.06
- Renewal period = 2 months from due date, i.e. 1.11.06
- Rate of interest = 9%
Calculation:
- Original period of bill = 3 months
- New period of bill = 2 months
- Total period of bill = 5 months
- Interest for 5 months = PRT/100
- where P = Principal amount, R = Rate of interest, T = Time in months
- Interest for 5 months = (1600 x 9 x 5) / (100 x 12)
- Interest for 5 months = Rs. 60
- Interest for 3 months (original period) = (1600 x 9 x 3) / (100 x 12)
- Interest for 3 months (original period) = Rs. 36
- Interest for 2 months (renewal period) = Total interest - Interest for original period
- Interest for 2 months (renewal period) = Rs. 60 - Rs. 36
- Interest for 2 months (renewal period) = Rs. 24
Therefore, the amount of interest in the books of Gouri will be Rs. 24 (Option C).
Note: It is important to understand the concept of bill renewal and interest calculation in such cases to solve this type of question.
Given data:
- Amount of bill = Rs. 1600
- Bill accepted on = 1.6.06
- Due date = 3 months from acceptance, i.e. 1.9.06
- Renewal period = 2 months from due date, i.e. 1.11.06
- Rate of interest = 9%
Calculation:
- Original period of bill = 3 months
- New period of bill = 2 months
- Total period of bill = 5 months
- Interest for 5 months = PRT/100
- where P = Principal amount, R = Rate of interest, T = Time in months
- Interest for 5 months = (1600 x 9 x 5) / (100 x 12)
- Interest for 5 months = Rs. 60
- Interest for 3 months (original period) = (1600 x 9 x 3) / (100 x 12)
- Interest for 3 months (original period) = Rs. 36
- Interest for 2 months (renewal period) = Total interest - Interest for original period
- Interest for 2 months (renewal period) = Rs. 60 - Rs. 36
- Interest for 2 months (renewal period) = Rs. 24
Therefore, the amount of interest in the books of Gouri will be Rs. 24 (Option C).
Note: It is important to understand the concept of bill renewal and interest calculation in such cases to solve this type of question.
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Community Answer
Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately ac...
Bill of rupess = 1600
Interest rate = 9%
Time period 2 months
So total amount of interest = 1600×9÷100×2÷12=24 rupees.To be shown in books of gauri
Interest rate = 9%
Time period 2 months
So total amount of interest = 1600×9÷100×2÷12=24 rupees.To be shown in books of gauri
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Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer?
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Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. 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 Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. 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 Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer?.
Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. 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 Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. 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 Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer?.
Solutions for Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Gouri sold goods to Gupta on 1.6.06 for Rs. 1600. Gupta immediately accepted a three months bill. On due date Gupta requested that the bill be renewed for a fresh period of two months. Gouri agrees provided interest at 9% was paid immediately in cash. What will be the amount of interest in the books of Gouri?a)Rs.20b)Rs.25c)Rs.24d)Rs.28Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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