Shyam sold goods to Ram for ¥ 20,000 on 1.1.2015. On the same date Shyam drew upon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On 4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due date Ram told Shyam that he was not in a position to pay the full amount and requested Shyam to accept ¥ 10,000 in cash and to draw a fresh bill for the remaining amount for 2 months together with interest at 15% p.a. Shyam agreed. The second bill was duly met. Give entries to record the above transactions in the books of Shyam.

Shyam sold goods to Ram for ¥ 20,000 on 1.1.2015. On the same date Shyam drew upon Ram a bill for the amount of bill at 2 months and Ram accepted the same. On 4th January 2015, Shyam discounted the bill at his bank @ 12% p.a. On the due date Ram told Shyam that he was not in a position to pay the full amount and requested Shyam to accept ¥ 10,000 in cash and to draw a fresh bill for the remaining amount for 2 months together with interest at 15% p.a. Shyam agreed. The second bill was duly met. Give entries to record the above transactions in the books of Shyam.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 89TPC

See similar textbooks

Similar questions

Aina received a 180-day promissory note worth RM4500 at 8.5% simple interest on 14th August 2015 from Sarah. However, on 24th November 2015 Aina sold the note to a bank at the discount rate of 7.5%. Find the discount term.
On 1 October 2020, Nduundune had 750,000 in the bank and Sh. 126,000 in hand. During the month he had the following receipts and payments: 1 October Cash sale – receipt Sh.80,000 4 October Payment to supplier Mondo Sh.120,000 Payment of rent Sh.300,000 6 October Payment from credit customer Kapondi Sh.450,000 and Payment from credit customer Bokelo Sh.250,000 10 October Cash sale – receipt Sh. 100,000 Payment to supplier Waswa Sh.500,000 6.October Payment of hire-purchase installment Sh.150,000 17 October Purchase of new machine Sh.1,200,000 19 October Cash sale – receipt Sh.370,000 Cash withdrawn from bank for office use 75,000 20.October Payment from credit customer Moseti Sh.600,000 24 October Payment of fuel bill Sh.175,000 26 October Interest received Sh. 25,000 29 Cash taken from cash till to pay fees for daughter Sh. 25,000 Required: Prepare a two column cashbook and determine bank and cash balances at the end of the month
Ramon has a check work P90,000.00 which is dated 4 months from today. He really needed the money today. So he went to Juancho, who offered to give the former P89,000.00 for the indorsement of the check to Juancho. How much is the Discount rate?
Miss Evilla borrowed money from a bank. She receives from the bank P1,340.00 and promised to pay P1,500.00 at the end of 9 months. Determine the corresponding discount rate or often referred to as the “banker’s discount”?
Craig borrowed $350,000 on October 1, 2014 and is required to pay $360,000 on 3/1/15. What amount is the note payable recorded at on October 1, 2014 and how much interest is recognized from October 1 to December 31, 2014?
Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with trade discounts of 8% and 2 %. She is offered cash discount terms of, 15/10, n/30. Determine a) the amount she needs to pay on 28 April 2021 b)the amount outstanding if she pays RM 4000 on 25 April 2021.
Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1, 2018, Bank’s Hardware issues a note with a principal amount of $459,505, 14% annual interest rate, and a 24-month maturity date on December 31, 2019. How much cash was received when the note was collected? Round to the nearest whole dollar, no decimal places.
Jo deposits $5000 into an account on July 15, 2014. The account earns 4% compounded monthly. Just to mess with the bankers, she decides to pull all the money out on March 27, 2019. Assuming simple interest is allowed for part of a conversion period, how much is in the account on March 27, 2019?
Dakota owes Christopher PHP80,000 which is due on April 20. On the other hand, Christopher owes Dakota the following debts: PHP30,000 due on April 02; PHP10,000 due on April 09; PHP20,000 due on April 15; and PHP5,000 due on April 21. If on April 14, Christopher assigned his credit right to Tammy with notice to Dakota but Dakota did not give his consent to the assignment, how much may Tammy collect from Dakota on April 20? A. PHP20,000 B. PHP15,000 C. PHP40,000 D. Nothing, because Dakota did not give his consent to the assignment. why is the answer C?
Soledad receives a bill for P18,000 dated July 7 with terms 6/15, 4/30, n/60. What cash discount will she received if she pays (a) in 15 days; (b) on the 25th day; and (c) on the 40th day? Round to the nearest centavo
Suzanne and Kerry entered into a financial agreement. On January 1, 2014, Suzanne gave $8400 to Kerry. On April 1, 2014, Kerry repaid $2800 to Suzanne, On July 1, 2014, Kerry repaid $3360 to Suzanne, and Suzanne immediately place half of this payment into an account at Harlow Savings and Loan which eams at effective monthly compound interest rate of 0.8% Finally, on January 1, 2015, Kerry gave Suzanne $2800 to completely repay the loan. At the same time, Suzanne closed her account at Harlow Savings and Loan and withdrew the money in the account. What is Suzanne's dollar-weighted rate of return in this financial agreement, assurring simple interest for the rate of return? (Round your answer to four places after the decimal) Answer = %
On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)