Hi,
Please please someone help me with the following 3 sums in the chapter Average Due Date ASAP. I have to submit the assignment on these tomorrow. Please!! :-(
1) Mr.R having accepted the foll bills drawn by his creditor Mr.P, due on diff dates approached his creditor and requested him to cancel all bills and to accept a single bill for the payment of his entire liability on the average due date. You are requested to ascertain the total amount of bill and its due date.
Bill No Date of Drawing Date of Acceptance Amt. Tenure
1 16.2.2009 20.2.2009 8000 90 days after sight
2 6.3.2009 6.3.2009 6000 2 months after sight
3 24.5.2009 31.5.2009 2000 4 months after sight
4 1.6.2009 1.6.2009 9000 1 month after sight
2) For goods sold, Mr.Nair draws the foll bills on Mr.Ray who accepts the same as per terms:
Amt of Bill Date of Drawing Date of Acceptance Tenure
8000 6.1.2009 9.1.2009 3 months after date
9000 15.2.2009 18.2.2009 60 days
8000 21.2.2009 21.2.2009 2 months
15000 14.3.2009 17.3.2009 30 days after sight
On 18th March 2009, it is agreed that the above bills be withdrawn and the acceptor will pay the whole amount in one lump sum by a cheque, 15 days ahead of average due date and for this a rebate of Rs.1000 will be allowed.
Calculate the Average Due Date, the amount and the due date of the cheque.
3) X accepted the following bills drawn by his creditor Y:
Feb 10th for Rs.4000 at 3 months
March 15th for Rs.5000 at 4months
April 12th for Rs.6000 at 3 months
May 8th for Rs.5000 at 5 months
On 1st June it was decided that X would withdraw all such bills and he should accept on that day two bills, one for Rs.12000 due in 3 months and the other for the balance for 5 months. Calculate the amount of the second bill after taking into consideration that rate of interest @ 10% p.a. Ignore date of grace.
Pls Help me!! ASAP, pls....
CAclubindia
