Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 p

1.	Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months.Calculate the 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 Nov. 2019 @ 12 % p.a. (iii) Shefali Traders discounted the bill on 1st Dec. 2019 @ 12 % p.a.
Answer» Discount = Amount of Bill × \(\frac{Rate}{100}\times\frac{Unexpired\,days}{365}\) (i) Discount = 30,000 × \(\frac{12}{100}\times\frac{3}{12}\) = ₹ 900 (ii) Discount = 30,000 × \(\frac{12}{100}\times\frac{2}{12}\) = ₹ 600 (iii) Discount = 30,000 × \(\frac{12}{100}\times\frac{1}{12}\) = ₹ 300

Shefali Traders drew a bill on Maya for ₹ 30,000 on 1st Oct. 2019 payable after 3 months.Calculate the 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 Nov. 2019 @ 12 % p.a. (iii) Shefali Traders discounted the bill on 1st Dec. 2019 @ 12 % p.a.

Answer»

Discount = Amount of Bill × \(\frac{Rate}{100}\times\frac{Unexpired\,days}{365}\)

(i) Discount = 30,000 × \(\frac{12}{100}\times\frac{3}{12}\) = ₹ 900

(ii) Discount = 30,000 × \(\frac{12}{100}\times\frac{2}{12}\) = ₹ 600

(iii) Discount = 30,000 × \(\frac{12}{100}\times\frac{1}{12}\) = ₹ 300