Question

A bill of 2,00,000 drawn on 7th January,2019, due for payment on 10th April,2019 is discounted with the bank on 10th feb.2019 at 12% p.a. The amount of discounting charges is?​

Answer 1

Answer:

Discounting charges are 4142.46

Explanation:

Bill amount is 2,00,000

Bill is drawn on 07/01/19

Bill will become due on 10/04/19

Bill is discounted with bank on 10/02/19

No.of days left to due date from date of discounting are 63 days

Discounting charges are 200000 * 12% * 63/365

                                        = (200000*12*63) / 36500

                                        = 4142.46

Answer 2

Answer:

Rs .4000

Explanation:

Bill amount is Rs 2,00,000

drawn on 7/1/19

due for payment 10/4/19

discounted with bank 10/2/19 at 12%

discounting charge = bill amount×12%× difference between due for payment and date of discounting /12months

=2,00,000×12/100×2/12months

= Rs 4000

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