Question

parth drawn a bill for Rs. 80,520 on 15th March 2020 for 50 days. He discounted the bill with bank of baroda @15% p.a. on the same date calculate the amount of discount.
hey guys...
help me☺️...​

Answer 1

Answer:

In the books of Parth

JOURNAL

Particulars Debit Credit

Bills Receivable A/c Dr. : 80,520 :

To Debtor's A/c : : 80,520

: :

Bank of Baroda A/c Dr. : 78,842 :

Discount A/c Dr. : 1,678 :

To Bills Receivable A/c : : 80,520

Calculation of Discount

80,520 × 15% = 12,078 for full year

12,078 ÷ 12 months = 1006.5 rounded off to 1007

1006.5 (for one month) × 2 = 2013 ÷ 3 = 671 (for 20 days)

1007 + 671 = 1678 for 50 days

I am not sure with calculations so cross check once.

Hope this helps.

Have a great day.