A Bill of Exchange drawn on 1st July, 2018 for 5,900 for 3 months was dishonoured on due
date and a sum of Rs.20 was incurred as noting charges. The bill was renewed for another
3 months with 12% interest per annum. Find out the amount of the renewed bill.
Answers
Answer:
v)
29th May, 2017
4 Months
ANSWER:
Date of Bill
Tenure
Calculation
Due Date
(i) December 01, 2017
60 Days
30 (December) + 30 (January) + 3 days of grace
February 02, 2018
(ii) April 30, 2018
2 Months
2 Months from April 30, 2016 would be June 30, 2016 + 3 days of grace
July 03, 2018
(iii) January 28, 2018
1 Month
1 Month from January 28, 2017 would be February 28, 2017 + 3 days of grace
March 03, 2018
(iv) November 23, 2017
2 Months
2 Months from November 23, 2016 would be January 23, 2017 + 3 days of grace
January 26, 2017, but it is a national holiday so, due date would be one day before i.e., January 25, 2017
(v) May 29, 2017
4 Months
4 Months from May 29, 2017 would be September 29, 2017 + 3 days of grace
October 02, 2017 but it is a national holiday so, due date would be one day before i.e., October 01, 2017
Note: Due date of (ii) is mismatched from the book. As per our solution, it is 3rd July, 2018 and it is 3rd July, 2017 as per text book.
Due date of (iii) is mismatched from the book. As per our solution, it is March 03, 2017 and it is March 01, 2017 as per text book.
Page No 16.34:
Question 2:
On 10th March, 2018, A draws on B a bill at 3 months for ₹20,000 which B accepts immediately and returns to A. The bill is honoured due date.
Pass necessary Journal entries in the books of both the parties.
ANSWER:
Journal
in the books of A (Drawer)
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Amount
(₹)
2018
hey you got your answer but please follow me everyone