(4) A bill of Rs 50.000 for 4 months was drawn and 01-01-2019 and was accepted by drawee. It was discounted by drawer with bank on 01. 02. 2019 at 8 % p.a.Find out the amount of discount.
Answers
Answer:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2018
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2019
(ii) April 30, 2019
2 Months
2 Months from April 30, 2019 would be June 30, 2019 + 3 days of grace
July 03, 2019
(iii) January 28, 2019
1 Month
1 Month from January 28, 2019 would be February 28, 2019 + 3 days of grace
March 03, 2019
(iv) November 23, 2018
2 Months
2 Months from November 23, 2018 would be January 23, 2019 + 3 days of grace
January 26, 2019, but it is a national holiday so, due date would be one day before i.e., January 25, 2019
(v) May 29, 2018
4 Months
4 Months from May 29, 2019 would be September 29, 2019 + 3 days of grace
The amount of discount will be Rs 1333.33
Step-by-step explanation:
Given:
Amount of bill= Rs 50,000
Period of bill= 4 months
rate of discount= 8%
To find:
Amount of discount
Solution:
The discount amount will be calculated as -
Discount amount= amount of bill x period of bill x rate of discount
∴ Discount amount= 50000 x 4/12 x 8/100
∴ Discount amount= 500 x 1/3 x 8
∴ Discount amount= Rs 1333.33
Hence, the amount of discount on the bill be Rs 1333.33