X sold goods worth Rs 1,50,000 to Y. Y immediately accepted a bill on 1st Nov payable after 2 months. X discounted this bill @ 18% p.a. on 15th Nov. On the due date , Y failed to discharge the bill. Later on Y became insolvent and 50 paise in a rupee is recovered from Y's estate. How much amount of bad debt will be recorded in the books of X?

75,000.

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1,47,000.

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1,52,000.

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Nil.

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Solution

The correct option is D 75,000.
On the due date , Y failed to discharge the bills.
And X received 50 paise in a rupee from Y's estate.
So, Amount of bad dept can be calculated as
150000* 50/100
75000.

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The correct option is D 75,000.On the due date , Y failed to discharge the bills.And X received 50 paise in a rupee from Y's estate.So, Amount of bad dept can be calculated as150000* 50/10075000.

The correct option is D 75,000.
On the due date , Y failed to discharge the bills.
And X received 50 paise in a rupee from Y's estate.
So, Amount of bad dept can be calculated as
150000* 50/100
75000.