Question
'R' spends 30% of his monthly income on utilities, 35%
on household expenses, and 10% of the remaining amount on transportation. He saves the rest in a savings account that gives simple interest at a rate of 12% per annum. Find the amount 'R' will get at the end of the year if his spending on transportation is Rs. 800 per month.Solution
Let monthly income = Rs. 100z Spending on utilities = 100z × 0.3 = Rs. 30z Spending on household expenses = 100z × 0.35 = Rs. 35z Spending on transportation = (100z – 30z – 35z) × 0.1 = Rs. 3.5z Savings = 100z – 30z – 35z – 3.5z = Rs. 31.5z Now, 3.5z = 800 Or, 31.5z = 7200 Total interest paid by the savings account: = P × r × t = 7200 × 12 × 1/100 = Rs. 864 Amount = 7200 + 864 = Rs. 8064
Which of the following is an example of transaction in money under GST laws
A bill of exchange drawn on 15th March for 2 months will mature on:
The person in whose Favor a bill is endorsed is called:
The term 'Days of Grace' in relation to a bill of exchange refers to:
When a bill is discounted with the bank, the party that bears the loss if the bill is dishonored at maturity is the:
A bill of ₹50,000 discounted @12% p.a. for 3 months. Bank discount = ?
Mr. Arvind drew a bill of exchange of ₹1,00,000 payable after 3 months on Mr. Rohit, who accepted the bill. Before maturity, Mr. Arvind endorsed the b...
If revenue from operations is Rs.60,00,000 Gross Profit ratio is 60%, Operating expenses are Rs.4,00,000 and Income tax rate is 30%, what will be the op...
Which accounting standard governs the treatment of inventories in India?
The party who is entitled to receive the payment of a bill of exchange is called the:
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