Question No 1 Chapter No 16 - T.S. Grewal 11 Class

Question No 1 Chapter No 16

1. Calculate the due dates of the bills in the following cases:

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Date of Bill	Tenure Period
i 1st December 2017	60 Days
ii 30th April 2018	2 Months
iii 28th January 2018	1 Month
iv 23rd November 2017	2 Months
v 29th May 2017	4 Months

The solution of Question No 1 Chapter No 16: –


Date of Bill	Tenure	Calculation	Due Date
i December 01, 2017	60 Days	30 December + 30 January + 3 days of grace	February 02, 2018
ii April 30, 2018	2 Months	2 Months from April 30, 2016would be June 30, 2016, + 3 days of grace	July 03, 2018
iii January 28, 2018	1 Month	1 A month from January 28, 2017, would be February 28, 2017, + 3 days of grace	March 03, 2018
iv November 23, 2017	2 Months	2 Months from November 23, 2016, would be January 23, 2017, + 3 days of grace	January 26, 2017, but it is a national holiday so, the due date would be one day before i.e., January 25, 2017

v May 29, 2017	4 Months	4 Months from May 29, 2017, would be September 29, 2017, + 3 days of grace	October 02, 2017, but it is a national holiday so, the due date would be one day before i.e., October 01, 2017

Note: Due date of ii is mismatched from the book. As per our solution, it is 3rd July 2018 and it is 3rd July 2017 as per textbook.
Due date of iii is mismatched from the book. As per our solution, it is March 03, 2017, and it is March 01, 2017, as per textbook

Bill of exchange (BOE): Meaning and Examples

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Also, Check out the solved question of previous Chapters: –

Chapter No. 1 – Introduction to Accounting
Chapter No. 2 – Basic Accounting Terms
Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
Chapter No. 4 – Bases of Accounting
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book
Chapter No. 11 – Special Purpose Books II – Other Books
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 13 – Trial Balance
Chapter No. 14 – Depreciation
Chapter No. 15 – Provisions and Reserves
Chapter No. 16 – Accounting for Bills of Exchange
Chapter No. 17 – Rectification of Errors
Chapter No. 18 – Financial Statements of Sole Proprietorship
Chapter No. 19 – Adjustments in preparation of Financial Statements
Chapter No. 20 – Accounts from incomplete Records – Single Entry System
Chapter No. 21 – Computers in Accounting
Chapter No. 22 – Accounting Software – Tally
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book