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Income and Expenditure Account

A bill drawn ...

Question

A bill drawn and accepted on 23rd November 1994 for 2 months will be due for payment on _______________.

23rd Jan 1994

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23rd Jan 1995

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25th Jan 1995

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26th Jan 1995

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Solution

The correct option is D 25th Jan 1995
Due date = 23rd November + 2 Months + 3 grace days
= 26th January.
Because, 26th January is public holiday , Due date will be its preceeding day.
i.e. 25th Jan

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Similar questions

Q. On 1st Jan 2013, X draws a bill on Y for Rs 1,50,000 for 3 months. X got the bill discounted on 4th Jan 2013, @ 12% p.a. The amount of discount on bill will be:

Following was the position of debtor and creditor of Gautam as on 1. 1. 2011.
$\begin{matrix} Items & Debtors & Creditors Babu & 5, 000 & - - - Chanderkala & 8, 000 & - - - Kiran & 13, 500 & - - - Anita & 14, 000 & - - - Anju & - - - & 5, 000 Sheiba & - - - & 12, 000 Manju & - - - & 6, 000 \end{matrix}$
The Following tansactions took place in the month of Jan 2011
Jan 2
Drew on Babu at two months after date at full settlement for Rs. 4,800.
Babu accepted the bill and returned it on 5.1.2011
Jan 4
Babu's Bill discounted for Rs. 4,750.
Jan 8
CHanderkala sent a promissory note for Rs. 8,000 payable three months after date.
Jan 10
Promissory note received from chanderkala discounted for Rs. 7,900.
Jan 12
Accepted sheiba draft for the amount due payable two months after the date
Jan 22
Anita sent his promissory note payable after two months.
Jan 23
Anita's Promissory Note endorsed in favour of Manju.
Jan 25
Accepted Anju's draft payable after three months.
Jan 29
Kiran sent Rs. 2,000 in cash and a promissory note for the balance payable after three months.

Record the above transactions in the proper subsidiary books.

Q. Following was the position of debtor and creditor of Gautam as on

1.1.2011

Items	Debtors(Rs.)	Creditors(Rs.)
Babu	$5, 000$	-
Chanderkala	$8, 000$	-
Kiran	$13, 500$	-
Anita	$14, 000$	-
Anju	-	$5, 000$
Sheiba	-	$12, 000$
Manju	-	$6, 000$

The following transactions took place in the month of Jan

2011

Jan

2

Drew on Babu at two months after date at full settlement for Rs.

4, 800

.
Babu accepted the bill and returned it on

5.1.2011

.
Jan

4

Babu's bill discounted for Rs.

4, 750

.
Jan

8

Chanderkala sent a promissory note for Rs.

8, 000

payable three months after date.
Jan

10

Promissory note received from Chanderkala discounted for Rs.

7, 900

.
Jan

12

Accepted Sheiba draft for the amount due payable two months after date.
Jan

22

Anita sent his promissory note payable after two months.
Jan

23

Anita's promissory note endorsed in favour of Manju.
Jan

25

Accepted Anju's draft payable after the three months.
Jan

29

Kiran sent Rs.

2, 000

in cash and a promissory note for the balance payable after three months.
Record the transactions in the proper subsidiary books.

On 1st Jan, 2017 X sold goods to Y for Rs 10,000 on credit basis. On the same date X drew a bill for Rs 10,000 on Y at two months. Y accepted the bill and returned it to X. On the due date Y could not honor acceptance. What is the journal for recording the dishonor of a bill?

Following was the position of debtor and creditor of Gautam as on 1.1.2017.

	Debtors	Creditors
	Rs	Rs
Babu	5,000	–
Chanderkala	8,000	–
Kiran	13,500	–
Anita	14,000	–
Anju	–	5,000
Sheiba	–	12,000
Manju	–	6,000

The following transactions took place in the month of Jan 2017:

Jan. 02	Drew on Babu at two months after date at full settlement for Rs 4,800. Babu accepted the bill and returned it on 5.1.2017.
Jan. 04	Babu’s bill discounted for Rs 4,750.
Jan. 08	Chanderkala sent a promissory note for Rs 8,000 payable three months after date.
Jan. 10	Promissory note received from Chanderkala discounted for Rs 7,900
Jan. 12	Accepted Sheiba draft for the amount due payable two months after date.
Jan. 22	Anita sent his promissory note payable after two months.
Jan. 23	Anita’s promissory note endorsed in favour of Manju.
Jan. 25	Accepted Anju’s draft payable after three months.
Jan. 29	Kiran sent Rs 2,000 in cash and a promissory note for the balance payable after three months. Record the above transactions in the proper subsidiary books.

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A bill drawn and accepted on 23rd November 1994 for 2 months will be due for payment on _______________.

The correct option is D 25th Jan 1995Due date = 23rd November + 2 Months + 3 grace days = 26th January.Because, 26th January is public holiday , Due date will be its preceeding day.i.e. 25th Jan

The correct option is D 25th Jan 1995
Due date = 23rd November + 2 Months + 3 grace days
= 26th January.
Because, 26th January is public holiday , Due date will be its preceeding day.
i.e. 25th Jan