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Standard XI

Accountancy

Journal for Discounting

Ram gets Moha...

Question

Ram gets Mohan’s acceptance for Rs. 12,000 discounted at 2 months at 12 % p.a. The amount of discount will be :

Rs. 240

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Rs. 120

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Rs. 80

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Rs. 40

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Solution

The correct option is A
Rs. 240

Discount
= Rs. $12, 000 * 12 % * \frac{2}{12}$ = Rs. 240.

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Similar questions

A bill of Rs. 12,500 drawn by Shyam is accepted by Ram. Shyam gets its discounted @ 12% p.a. due 3 months hence, the discounting charges borne by Shyam is :

Q. On 1st Jan, X drew a bill on Y for 3 month for Rs 1,50,000. On 4th March, Y pays the bill to X at 12% p.a. discount, the amount of discount will be?

Q. Ram's acceptance to Din for Rs.

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renewed at

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Q. Mr. X accepted a bill of exchange of

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PRACTICAL PROBLEMS

Journalise the following bill transactions in the books of Gopal as on 14^th August, 2010.

1. Shruti’s acceptance to Gopal Rs 4,500 retired one month before due date at rebate 10% p.a.

2. Discounted 3 months acceptance of Chandrakant for Rs 3,500 with bank @ 12% p.a.

3. Received cheque Rs 2,000 and 2 months acceptance drawn on Sushama for Rs 10,000 for the balance due on her account.

4. Endorsed Shantaram’s acceptance at 2 months of Rs 5,000 in favour of Balchandra and paid cash Rs 2,500 in full settlement of this account Rs 7,800.

5. Sold goods of Rs 13,500 on credit to Nanda. Drew 2 months bill on her. Which is duly accepted and returned by her.

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Ram gets Mohan’s acceptance for Rs. 12,000 discounted at 2 months at 12 % p.a. The amount of discount will be :

The correct option is A Rs. 240 Discount = Rs. 12,000∗12%∗212 = Rs. 240.

The correct option is A
Rs. 240

Discount
= Rs. $12, 000 * 12 % * \frac{2}{12}$ = Rs. 240.