On 1st January 2006, Vimal sold goods worth Rs. 20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with the bank on 4th February 2006 @ 15% p.a. The discounting charges will be:
None of the above
Discount = Rs 20000∗15%∗212 = Rs 500.
On 1st April 2011, Rohan sold goods to Shyam for Rs. 30,000 on credit against his acceptance for 3 months. Rohan discounted the bill with his bank on 4th May 2011 @ 9% per annum. Find out the amount of discounting charges.
On 1st January, 2016, Shieba sold goods to Vishal for Rs. 10,000 and drew upon him bills of exchange of 2 months. Vishal accepted the bill and returned it to Shieba. On the date of maturity the bills was dishonoured by Vishal. Record the necessary entries in all the cases listed below in the books of Shieba and Vishal.
(i) When the bill is kept by Shieba till its maturity.
(ii) When the bill is discounted by Shieba for Rs. 200.
Noting charges were Rs. 100.