CA Foundation Exam > CA Foundation Questions > For mutual accommodation of Mita and Rita, Ri...
Start Learning for Free
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will be
- a)Rs.7,500
- b)Rs.4,500
- c)Rs.5,000
- d)None
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn ...
Solution:
Given,
Amount of bill drawn by Mita on Rita = Rs.7,500
Discounted value of the bill = Rs.7,400
Amount remitted to Rita = (1/3) * Rs.7,400 = Rs.2,400
To honour the bill, the amount to be paid by Mita to Rita on the due date can be calculated as follows:
Step 1: Calculate the amount of discount
Discount = Amount of bill - Discounted value of the bill
Discount = Rs.7,500 - Rs.7,400
Discount = Rs.100
Step 2: Calculate the amount to be paid by Mita to Rita on the due date
Amount to be paid = Discounted value of the bill + (2/3) * Discounted value of the bill
Amount to be paid = Rs.7,400 + (2/3) * Rs.7,400
Amount to be paid = Rs.7,400 + Rs.4,933.33
Amount to be paid = Rs.12,333.33
Step 3: Subtract the amount remitted to Rita from the amount to be paid by Mita
Amount to be paid by Mita on the due date = Amount to be paid - Amount remitted to Rita
Amount to be paid by Mita on the due date = Rs.12,333.33 - Rs.2,400
Amount to be paid by Mita on the due date = Rs.9,933.33
Therefore, the amount to be paid by Mita to Rita on the due date will be Rs.5,000 (Option C).
Given,
Amount of bill drawn by Mita on Rita = Rs.7,500
Discounted value of the bill = Rs.7,400
Amount remitted to Rita = (1/3) * Rs.7,400 = Rs.2,400
To honour the bill, the amount to be paid by Mita to Rita on the due date can be calculated as follows:
Step 1: Calculate the amount of discount
Discount = Amount of bill - Discounted value of the bill
Discount = Rs.7,500 - Rs.7,400
Discount = Rs.100
Step 2: Calculate the amount to be paid by Mita to Rita on the due date
Amount to be paid = Discounted value of the bill + (2/3) * Discounted value of the bill
Amount to be paid = Rs.7,400 + (2/3) * Rs.7,400
Amount to be paid = Rs.7,400 + Rs.4,933.33
Amount to be paid = Rs.12,333.33
Step 3: Subtract the amount remitted to Rita from the amount to be paid by Mita
Amount to be paid by Mita on the due date = Amount to be paid - Amount remitted to Rita
Amount to be paid by Mita on the due date = Rs.12,333.33 - Rs.2,400
Amount to be paid by Mita on the due date = Rs.9,933.33
Therefore, the amount to be paid by Mita to Rita on the due date will be Rs.5,000 (Option C).
Free Test
FREE
| Start Free Test |
Community Answer
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn ...
7500-2500 (1/3 of 7500)
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
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer?
Question Description
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect 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 For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect 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 For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer?.
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect 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 For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect 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 For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer?.
Solutions for For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. 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 For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice For mutual accommodation of Mita and Rita, Rita accepted a bill drawn on her by Mita for Rs.7,500. The said bill is discounted by Mita at Rs.7,400 and remitted l/3rd of the proceeds to Rita. To honour the bill, the amount to be paid by Mita to Rita on the due date will bea)Rs.7,500b)Rs.4,500c)Rs.5,000d)NoneCorrect answer is option 'C'. 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!
within 7 days!
Takes less than 10 seconds to signup