1.28 I FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICSArithmetic
Solution : ‘0’ Date = 9.5.2012
Computation of Average Due Date
Date of Drawing Due Date No. of days from ‘0’ Date Amount Product
` `
16.2.2012 24.5.2012 15 8,000 1,20,000
6.3.2012 9.5.2012 0 6,000 ‘0’
24.5.2012 3.9.2012 117 (22+30 + 31+31+3) 2,000 2,34,000
1.6..2012 4.7.2012 56 (22+30 + 4) 9,000 5,04,000
25,000 8,58,000Average Number of Days8,58,000
= 25,000
`
` = 34 days (approx)
∴ Average due date will be = 9th May + 34 days = 12th June.
Total amount of the bill = ` 25,000
Workings
Since all the bill are ‘After Sight’ the period is to be computed from the date of acceptance of the bill.
Due Date to be calculated as under
Date of Periods Due Date Feb + March + April + May
Acceptance (with days
of grace)
20.2.2012 90 days 24.5.2012 (From 20.2.2012+ 90days) = 8 + 31 +30+21= 90days
6.3.2012 2 months 9.5.2012
31.5.2012 4 months 3.9.2012
1.6.2012 1 month 4.7.2012
Example 47 :
For goods sold, Nair draws the following bills on Ray who accepts the same as per terms :
Amount of the Bill Date of Drawing Date of Acceptance Tenure
`
8,000 6.1.2012 9.1.2012 3 months after date
9,000 15.2.2012 18.2.2012 60 days after date
8,000 21.2.2012 21.2.2012 2 months
15,000 14.3.2012 17.3.2012 30 days after sight
On 18th March 2011 it is agreed that the above bills will be withdrawn and the acceptor will pay the whole
amount in one lump-sum by a cheque 15 days ahead of average due date and for this a rebate of ` 1,000
will be allowed. Calculate the average due date, the amount and the due date of the cheque.