# Calculation

**1) Ganesh draws a bill for ₹ 40,260 on 15th Jan. 2020 for 50 days. He discounted the bill with Bank of India @15% p.a. on the same day. Calculate the amount of discount.**

**Solution:**

Discount = Amount of Bill × (Rate/100) × (Unexpired days/366)

∴ Discount = 40260 × (15/100) × (50/366)

∴ Discount = ₹ 825

(Note: 2020 is a Leap year, so total number of days = 366 days)

**2) Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months. Calculate amount of discount in the following cases:**i) Shefali Traders discounted the bill on the same day @ 12% p.a.

ii) Shefali Traders discounted the bill on 1

^{st}2019 @ 12% p.a.

iii) Shefali Traders discounted the bill on 1

^{st }Dec. 2019 @ 12% p.a.

**Solution:**

Discount = Amount of Bill × (Rate/100) × (Unexpired days/366)

(i) Discount = 30000 × (12/100) × (3/12) = ₹ 900

(ii) Discount = 30000 × (12/100) × (2/12) = ₹ 600

(iii) Discount = 30000 × (12/100) × (1/12) = ₹ 300

**3) ****Veena who had accepted Sudha’s bill for ₹ 28,000 was declared bankrupt and only 35 paise in a rupee could be recovered from her estate. Calculate the amount of bad debts.**

**Solution:**

From Veena, only 35 paise in a rupee could be recovered i.e. 65 paise in a rupee is bad debts for Sudha.

So 65 % of ₹ 28,000

= ₹ 18,200 is the amount of bad debts.

**4) ****Nitin renewed his acceptance for ₹ 72,000 by paying ₹ 22,000 in cash and accepting a new bill for the balance plus interest @ 18% p.a. for 4 months. Calculate the amount of new bill.**

**Solution:**

| ₹ 72,000 |

Nitin paid in cash | ₹ 22,000 |

Remaining dues | ₹ 50,000 |

Now, on this ₹ 50,000 we have to calculate interest @ 18 % for 4 months.

Interest = (PRN)/100

∴ Interest = 50000 × (18/100) × (4/12)

∴ Interest = ₹ 3,000

So, amount of new bill = Remaining dues + Interest

= 50,000 + 3,000

= ₹ 53,000.

**5)) Nisha’s acceptance for ****₹**** 16,850 sent to bank for collection was honoured and bank charges debited were ****₹**** 125. Find out the amount actually received by Drawer.**

**Solution:**

Bill of ₹ 16,850 sent to bank for collection and it is honoured and bank charges = ₹ 125

So, actual amount received by drawer = 16,850 – 125

= ₹ 16,725.

**6) ****A bill of ****₹****16,000 was drawn by Keshav on Gopal on 12th June 2019 for 2 months. What will be the due date, if all of sudden, the legal due date is declared as an emergency holiday?**

**Solution:**

Consider immediate or next working day as due date in case the legal due date is declared as emergency holiday.

i.e. Here, it is 12th June, 2019 | 12/06/2019 | |

+ 2 months | + | 2 |

+ 3 days of grace | + | 3 |

15/08/2019 |

∴ Legal due date is 16th August 2019 (Next day).