New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Ajay draws a bill on Vinay for ₹ 60,000. Vinay accepts

    it. Ajay endorses it to Chintu in settlement of ₹ 70,000 at 2% discount and the balance in cash. The bill is dishonoured on due date. Calculate the amount by which Ajay is to be debited in the books of Chintu.
    A ₹ 61,400 Correct Answer Incorrect Answer
    B ₹ 60,000 Correct Answer Incorrect Answer
    C ₹ 68,600 Correct Answer Incorrect Answer
    D ₹ 70,000 Correct Answer Incorrect Answer

    Solution

    Ajay endorsed the bill to chintu: 70,000-2% = 68600 Ajay gave bill worth Rs. 60,000 and rest 8,600 is settled in cash. The bill is dishonoured on due date, so Ajay is to be debited in the books of Chintu by Rs. 60,000.

    Practice Next