Y-draws a trade bill of 12,000 for 6 months on X. After holding the bill for 2.5 months, Y discount the bill with bank @ 10% p.a. The amount of discount on bill is

Related MCQs

• From the following details ascertain the adjusted bank balance as per Cash Book – overdraft as per Cash Book 1,60,000; cheque received entered twice in the Cash Book 10,000; credit side of bank column cash short by 1,000; bank charges amounting to 400 entered twice:
• M/s. A.B. Enterprises has bank balance 8,800 as per cash book and the followings were found: (a) Three cheques deposited in bank for 5,800 but only one cheque for 2,000 was cleared. (b) Dividend collected by Bank 1,250 was wrongly entered in cash book as 1,520. What is balance as per pass book?
• Trade discount is allowed at the time of sale of goods.
• A cash book with discount and bank column is called as
• Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit
• X sends out goods to Y, costing 3,60,000. Goods are to be sold at cost plus 25% on sales. The consignor asked consignee to pay an advance for an amount equivalent to 60% of sales value. The amount of advance will be
• When credit balance as per pass book is the starting point of a Bank Reconciliation Statement then bank charges are
• When preparing a bank reconciliation statement, if you start with debit balance as per cash book cheques sent to bank but not collected should be
• Income tax of the sole trade paid is shown
• There are 100 members each p aying an annual subscription of 500. The Receipt and Payment account shows arrear subscription of 4,500, advance subscriptions 6,000 and current 44,500. How much amount to be credited in the Income and Expenditure account?