Ram's acceptance to Din for Rs. $8, 000$ renewed at $3$ months on the condition that Rs. $4, 000$ be paid in cash immediately and the remaining amount will carry interest @ $12 %$ p.a. The amount of interest will be.

120

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80

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90

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160

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Solution

The correct option is B $120$
Calculation of Interest to be paid on Rs 4000 @ 12% for 3 months
= 400012/1003/12
= Rs 120.

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PRACTICAL PROBLEMS

Journalise the following bill transactions as on 31^st July, 2011 in the books of Pratapsing.

A. Renewed Vinyak’s acceptance of Rs 6,000 due on 31^st July, 2011 by accepting cash Rs 2,000 and drawing bill for the balance with interest @ 18% p.a. for 3 months.

B. Accepted a bill of Rs 5,000 at 3 months at sight, drawn by Arvind for the amount due to him Rs 6,000 and balance paid by cheque.

C. Jethabhai honoured his acceptance of Rs 9,800 which was deposited into bank for collection and bank debited Rs 80 for bank charges.

D. Bank informed that Prajakta’s acceptance of Rs 4,000 which was discounted dishonoured, bank paid noting charge Rs 85. Renewed at her request for next 2 months with interest @ 18% p.a.

Q. Journalise the following transactions in our books:
(a) Our acceptance to Karan for ₹ 4,500 renewed for 3 months on the condition that ₹ 2,500 is paid in cash immediately and a new bill to be drawn including interest @ 12% p.a.
(b) A bill payable accepted in favour of Hari for ₹ 4,000 returned unpaid due to lack of instructions to the bank. Hari claims ₹ 4,050. (₹ 50 as noting charges), which is paid by cheque.

On 01.01.2007, X draws a bill on Y for Rs. 10,000. At maturity, Y requests X to renew the bill for 2 months for interest at 12% p.a. Amount of interest will be:

On 01.01.2017, X draws a bill on Y for Rs. 15,000 for 3 months. At maturity, Y requests X to accept Rs. 5,000 in cash & for balance draw a fresh bill payable after two months along with Interest @ 12 p.a. What shall be the amount of Interest?

Q. M sold goods worth of Rs 1,50,000 to N. On 1st Oct, N immediately accepted a three month bill. On due date N requested that the bill be renewed for a fresh period of 3 months. N agrees to pay interest @ 18% p a. in cash. How much interest to be paid in cash by N?

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Ram's acceptance to Din for Rs. 8,000 renewed at 3 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be.

The correct option is B 120Calculation of Interest to be paid on Rs 4000 @ 12% for 3 months = 4000*12/100*3/12 = Rs 120.

Ram's acceptance to Din for Rs. $8, 000$ renewed at $3$ months on the condition that Rs. $4, 000$ be paid in cash immediately and the remaining amount will carry interest @ $12 %$ p.a. The amount of interest will be.

The correct option is B $120$
Calculation of Interest to be paid on Rs 4000 @ 12% for 3 months
= 400012/1003/12
= Rs 120.