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Accountancy

In the attatched question...When X draws bill on Y ...on discounting X remits to Y in the ratio of( X:Y= 2:1) ...when Y draws bill on X and discounts it with bank he remits only 6740 shouldn't it be 16740 because when 40110 divided in 2:1 ratio X should get 26740 on deducting the earlier amount of 10000 ,Y should remit 16740 only then the discount would be 1260 as said...but in question it is given that only 6740 is remmited by Y to X but the discount is given for 16740 rs as 1260...why is that so?.... (Illustration 11)

Yamuna S

CA Inter

★ 15K+

31-Oct-22 16:47

643

Answers (3)

Firstly, you need to keep in mind that, he didn't remit money in any ratio, he just remitted a certain sum of money. And the discount=(20000+6740)*1890/40110=1260.

Rupa Devi Akkala

CA Final

★ 37K+

31-Oct-22 17:14

Rupa Devi Akkala

Firstly, you need to keep in mind that, he didn't remit money in any ratio, he just remitted a certain sum of money. And the discount=(20000+6740)*1890/40110=1260.

What is that 20000+6740

Thread Starter

Yamuna S

CA Inter

★ 15K+

31-Oct-22 17:18

In question itself ,they gave that Y sends 6740. Then that 20000=30000(intial amount)-10000(money remitted by X to Y.

Rupa Devi Akkala

CA Final

★ 37K+

31-Oct-22 17:22

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