Assume that a wholesale trader who purchased 200 kg of halwa on 1st day of November 2020 and made the final payment on 10th day of November 2020. What will be the amount payable by the wholesale trader to Mr. Salim Abdullah on 10th day of November 2020?

Assume that a wholesale trader who purchased 200 kg of halwa on 1st day of November 2020 and made the final payment on 10th day of November 2020. What will be the amount payable by the wholesale trader to Mr. Salim Abdullah on 10th day of November 2020?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

Question

Assume that a wholesale trader who
purchased 200 kg of halwa on 1st day of
November 2020 and made the final payment
on 10th day of November 2020. What will be
the amount payable by the wholesale trader
to Mr. Salim Abdullah on 10th day of
November 2020?

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