Page 300 - VIRANSH COACHING CLASSES

Calculation of due date :
Bill drawn on 3rd July for 90 days.
Unexpired days of July = 28
No. of days in Aug. = 31
No. of days in Sep. = 30

No. of days in Oct. = 01
90

1st Oct. 2019 + 3 days of grace = 4 Oct. 2019
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But 4 Oct. 2019 has been declared emergency holiday therefore, the due date will be the next
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Working date i.e. 5 Oct. 2019.
10. On 18 June, 2019 Rohan sold goods on credit for ` 40,000 to Navin. Rohan draws a bill for the
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amount due for 3 months on the same day. Navin accepted the bill and returned it to Rohan. On
19 June, 2019 Rohan discounted the bill with the bank at 15% p. a.
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On the due date Navin dishonoured his acceptance and bank paid noting charges ` 350. Navin then
requested Rohan to renew the bill. Rohan agreed on the condition that Navin should pay interest on
balance at 12% p.a. plus noting charges by cheque and should accept a new bill for the balance for
2 months.
These arrangements were carried through. But before the due date Navin was declared insolvent.
Rohan received 60 paise in a rupee as first and final dividend from the private estate of Navin on
23 Dec. 2019.
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Give journal entires in the books of Navin.

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