Question

X sells goods to Y for Rs. 30000 at 10% trade discount and draws a bill on Y for the amount due. Bill was dishonoured on the due date and X paid Rs. 100 as noting charges. X will debit Y’s A/c with ……

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Answer 1

Answer:

X will debit Y's A/c with Rs. 27,100

Answer 2

Explanation:

 

Period

Calculation

Due Date

i. 1st December 2018

60 Days

30th December 2018 + 30th January 2018 + 3 days of grace

2nd February 2019

ii. 30th April 2019

2 Months

2 Months from 30th April 2019 would be 30th June 2019 + 3 days of grace

3rd July 2019

iii. 28th January 2019

1 Month

1 Month from 28th January 2019 would be 28th February 2019 + 3 days of grace

 

3rd March 2019

iv. 23rd November 2018

2 Months

2 Months from 23rd November 2018 would be 23rd January 2019 + 3 days of grace

26th January 2019, but it is a national holiday so, due date would be one day before i.e.,25th January 2019

v. 29th May 2018 

4 Months

4 Months from 29th May 2018 would be 29th September 2018 + 3 days of grace