The neurocomputational model described here proposes that two dimensions involved in computation of reward prediction errors i.e magnitude and time could be computed separately and later combined unlike traditional reinforcement learning models. The model is built on biological evidences and is able to reproduce various aspects of classical conditioning, namely, the progressive cancellation of the predicted reward, the predictive firing from conditioned stimuli, and delineation of early rewards by showing firing for sooner early rewards and not for early rewards that occur with a longer latency in accordance with biological data.