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Accounts please help

bhavna (gautamc123@gmail.com) (70 Points)

13 June 2011

pl help, thanks in advance

1) model test paper 4, question 51- On 1.8.09 Ram draws a bill on Moti for 30 days after sight. The date of acceptance is 8.8.09. The maturitu date of the bill will be --10.9.09 as per ans given.how ??

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7 Replies

M. N. JHA (CA) (8316 Points)
Replied 13 June 2011

When question mention after sight then due date is counts from Date of Bill acceptance. In the above question Bill accepts on 8august,09 and when we add 30 day maturatiy period plus 3 days grace period then Maturity date will be 10 sept,2009. . . . . . . . . . . . THANKS

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 13 June 2011

Originally posted by : Mr. JHA
	When question mention after sight then due date is counts from Date of Bill acceptance. In the above question Bill accepts on 8august,09 and when we add 30 day maturatiy period plus 3 days grace period then Maturity date will be 10 sept,2009. . . . . . . . . . . . THANKS

yes agreed

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 14 June 2011

Hi friends, when the bill is after sight bill, its period is counted from date of presentation of the bill. In the above case, since the date of presentation is not given, date of acceptance will be considered as date of presentation and days (30 + 3) will be counted from 8.8.09.

Regards, CA Shakuntala Chhangani