Mr.Lava draws a bill on Mr.Kusha on 1st April, 2018 for Rs. 30,000 for 3 months payable after sight. The bill was accepted on 7th April, 2018. Calculate due date for the above bill?

7th July, 2018

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4th July, 2018

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1st July, 2018

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10th July, 2018

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Solution

The correct option is B 10th July, 2018
In case of a Bills Payable after sight, the legal due date is calculated from the date of acceptance of the bill. In this case the due date will be:
Date of acceptance of the bill: 7th April, 2018
Period: 3 months
Maturity Date: 7th july, 2018
Grace Days: 3 Days
Due Date: 10th July, 2018

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(Endorsement, discounted with bank, dishonoured) On 1st July, 2016, Ashu draws on Vishu who owed him Rs. 25,000, two bills, one for Rs 15,000 for three months and another for Rs. 10,000 for two months. Vishu accepts these bills.

Ashu endorses on 3rd July the first bill to his creditor Krish in full settlement of his account of Rs. 15,500 and discounts the second bill on 4th July with his banker @ 12% per annum. The first bill is duly paid at maturity but the second bill is dishonoured and Rs. 150 are paid as noting charges. On 5th September, Ashu draws and Vishu accepts a third bill for three months for Rs. 10,450 in lieu of the dishonoured bill. This bill is duly paid at maturity.

Give journal entries to record these transactions in the books of Ashu and Vishu.

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