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Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?
- a)Rs. 12,500
- b)Rs. 9,437
- c)Rs. 11,687
- d)Rs. 13,650
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted ...
Calculation of Bad Debt
Given data:
Goods sold by Bobby to Bonny = Rs. 25,000
Bill accepted by Bonny on 1.11.09 payable after 2 months
Bill was discounted @ 18% p.a. on 15.11.09
Bonny failed to discharge the bill on the due date
Bonny became insolvent and 50 paise is recovered from Bonny's estate.
Discounting of Bill
Date of discounting the bill = 15.11.09
Number of days from 15.11.09 to 1.01.10 (due date) = 47 days
Discounting charges = Rs. 25,000 x 18% x 47/365 = Rs. 755.14
Amount received by Bobby on discounting the bill = Rs. 24,244.86 (i.e. Rs. 25,000 - Rs. 755.14)
Calculation of Bad Debt
Amount of bill = Rs. 25,000
Less: Amount recovered from Bonny's estate = 50 paise = Rs. 0.50
Net amount of bad debt = Rs. 24,999.50 (i.e. Rs. 25,000 - Rs. 0.50)
Therefore, the amount of bad debt that will be recorded in the books of Bobby is Rs. 12,500 (i.e. 50% of the net amount of bad debt).
Given data:
Goods sold by Bobby to Bonny = Rs. 25,000
Bill accepted by Bonny on 1.11.09 payable after 2 months
Bill was discounted @ 18% p.a. on 15.11.09
Bonny failed to discharge the bill on the due date
Bonny became insolvent and 50 paise is recovered from Bonny's estate.
Discounting of Bill
Date of discounting the bill = 15.11.09
Number of days from 15.11.09 to 1.01.10 (due date) = 47 days
Discounting charges = Rs. 25,000 x 18% x 47/365 = Rs. 755.14
Amount received by Bobby on discounting the bill = Rs. 24,244.86 (i.e. Rs. 25,000 - Rs. 755.14)
Calculation of Bad Debt
Amount of bill = Rs. 25,000
Less: Amount recovered from Bonny's estate = 50 paise = Rs. 0.50
Net amount of bad debt = Rs. 24,999.50 (i.e. Rs. 25,000 - Rs. 0.50)
Therefore, the amount of bad debt that will be recorded in the books of Bobby is Rs. 12,500 (i.e. 50% of the net amount of bad debt).
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Community Answer
Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted ...
25000×50% =12500
though bobby discounted the bill bonny should pay full amount
though bobby discounted the bill bonny should pay full amount
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Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer?
Question Description
Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct 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 Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct 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 Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer?.
Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct 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 Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct 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 Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer?.
Solutions for Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Bobby sold goods worth Rs 25,000 to Bonny. Bonny immediately accepted a bill on 1.11.09, payable after 2 months. Bobby discounted this bill @ 18% p.a. on 15.11.09. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and 50 paise is recovered from Bonny’s estate. How much amount of bad debt will be recorded in the books of Bobby?a)Rs. 12,500b)Rs. 9,437c)Rs. 11,687d)Rs. 13,650Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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