# 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 1st 2019 @ 12% p.a.
iii) Shefali Traders discounted the bill on 1st 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:

 For Nitin, Total outstanding ₹ 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).