1.30 I FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICSArithmetic
Bills Receivable Bills Payable
Date Amount Tenure Date Amount Tenure
(Months) (Months)
` `
1.6.2012 3,000 3 29.5.2012 2,000 2
5.6.2012 2,500 3 3.6.2012 3,000 3
9.6.2012 6,000 1 10.6.2012 6,000 2
12.6.2012 10,000 2 13.6.2012 9,000 2
20.6.2012 15,000 3 27.6.2012 13,000 1
Solution :
Calculation of Average Due Date
The date of maturity of the Bills Receivable (after adding 3 days as grace) by A.N.R. are : 4. 9. 2012; 8.9.2012;
12.7.2012; 14.8.2012 and 23.9.2012. And the date of maturity of the Bills Payable by A.N.R. are : 1.8.2012;
5.9.2012; 13.8.2012; 14.8.2012 and 30.7.2012. 12th July 2009 is taken as the ‘0’ date.
(i) Bills Receivable against A.N.R. : ‘0’ Date = 12.7.2012
Computation of Average Due Date
Due Date No. of days from ‘0’ date Amount Product
` `
(1) (2) (3) (4)
(J + A + S) 3,000 1,62,000
4.9.2012 54 (19 + 31+4)
8.9.2012 58 (19 + 31+8) 2,500 1,45,000
12.7.2012 0 6,000 0
14.8.2012 33 (19 + 14) 10,000 3,30,000
23.9.2012 73 (19 + 31 + 23) 15,000 10,95,000
36,500 17,32,000
(ii) Bills Payable against A.N.R. : ‘0’ Date = 12.7.2012
1.8.2012 20 (19 + 1) 2,000 40,000
5.9.2012 55 (19 + 31+5) 3,000 1,65,000
13.8.2012 32 (19 + 13) 6,000 1,92,000
14.8.2012 33 (19 + 14) 9,000 2,97,000
30.7.2012 18 (18) 13,000 2,34,000
33,00 9,28,000
Now adjustment for the Bill :
Total Bills Receivable against A.N.R. 36,500 17,32,000
Total Bills Payable against A.N.R. 33,000 - 9,28,000
3,500 8,04,000