Page 271 - VIRANSH COACHING CLASSES

Types of due date :
a. Nominal Due Date : Date which is calculated without adding days of grace to the period of bill
is known as nominal due date.

b. Legal Due Date : Date which is arrived at after adding three days of grace to nominal due date
is known as legal due date.

Calculation of due date :
A) In case of Bills Payable ‘After Date’

i) Tenure of bill given in months :

A bill dated 12 June, 2019 is payable 2 months after date. Calculate the due date of the bill.
th
DAY MONTH YEAR
Date of Bill 12 6 2019
(+) Tenure of bill 2 (months)

Nominal due date 12 8 2019
(+) Days of grace 3
Legal due date 15 8 2019

i.e. 15 August, 2019
th
Since 15 August is a public holiday on account of Independence Day the bill will fall due for
th
payment on 14th August 2019.

ii) Tenure of bill given in days :

A bill dated 14 December, 2019 is payable 90 days after date. Calculate the due date of the bill.
th
MONTH Actual days Unexpired Days
December 2019 31 (31-14) 17
January 2020 31 31
February 2020 29 29
March 2020 31 13
Total 90 days

th
Thus, Nominal due date = 13 March, 2020
(+) Grace days + 3
Therefore, Legal due date = 16 March, 2020
th
B) In case of Bills Payable ‘After Sight’ :
Method of calculation of due date is same of ‘After Date’ and ‘After Sight’ bill. The only difference
is that the term of bill is counted from the date of acceptance and not from the date of drawing in case
of Bills Payable ‘After Sight’.
A bill dated 27 December, 2019 is payable 2 months after sight. It was accepted on
th
31 December, 2019. Calculate the due date of the bill.
st
Date of acceptance = December, 2019

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