Tag: elements of book keeping and accountancy

A draw a bill of exchange on $B$ for $Rs. 3,000$ for $4$ months. He got it discounted with a Bank at $12$% p.a. The discount charged by the bank will be _________.

R draws a bill of exchange on S for $Rs. 8,000$ for $4$ months. He got it discounted with a Bank at $12$% p.a. The net proceeds to be received from bank will be _______.

Bills receivable discounted but not done till the date of final accounts is shown in ___________.

A draws an accommodation bill on B. The proceeds are to be shared by A and B in the ratio of 3:1. The amount of bill is Rs. 6,000, discounting charges Rs. 100. Discount borne by A will be ________.

For mutual accommodation of A and B, B accepted a bill drawn on him by A for 2 months Rs. 12,000. The said bill is discounted at 12% p.a and remitted 1/3rd of the proceeds to B. The amount remitted by A to B will be _________.

Mr Bobby sold goods worth Rs. $25,000$ to Mr Bonny. Bonny immediately accepted a bill on $1.11.01$, payable after $2$ months. Bobby discounted this bill @ $18\%$ p.a. on $15.11.01$. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and $50$ paise in a rupee is recovered from Bombay's estate. How much amount of bad debt will be recorded in the books of Bobby.

A draws a bill on B for Rs. 6,000 for mutual accommodation in the ratio 2:1, A got it discounted Rs. 5,800 and remitted 1/3rd of the proceeds to B. At the time of maturity, how much amount A should remit to B so that B can pay off the bill?

A drew a bill on B for Rs. $50,000$ for $3$ months. Proceeds are to be shared equally. A got the bill discounted at $12\%$ p.a. and remits required proceeds to B. The amount of such remittance will be.

X sold goods to Y for $ 2,00,000 $ Y paid cash 50,000. X will grant 2% discount on balance, and Y requests X to draw a bill for balance, the amount of bill will be:

Noting is necessary in case of __________ of bill.