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    This document defines a sight draft as a bill of exchange that is payable upon presentation, and treats it as cash received for accounting purposes. It also provides an example calculation for an annual interest rate when a daily rate is given, but no annual rate is specified. The daily interest rate of 0.80 per thousand is calculated to equal an annual rate of 29.2% by multiplying the daily rate by 365 days.

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    This document defines a sight draft as a bill of exchange that is payable upon presentation, and treats it as cash received for accounting purposes. It also provides an example calculation for an annual interest rate when a daily rate is given, but no annual rate is specified. The daily interest rate of 0.80 per thousand is calculated to equal an annual rate of 29.2% by multiplying the daily rate by 365 days.

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    16 views2 pages

    Account Current

    Uploaded by

    ca_atul
    This document defines a sight draft as a bill of exchange that is payable upon presentation, and treats it as cash received for accounting purposes. It also provides an example calculation for an annual interest rate when a daily rate is given, but no annual rate is specified. The daily interest rate of 0.80 per thousand is calculated to equal an annual rate of 29.2% by multiplying the daily rate by 365 days.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 2

    ACCOUNT CURRENT

    1. "sight draft" means bill of exchange which is payable when presented for payment. It will be treated as cash received for the purpose of Account Current.

    2. CALCULATION OF INTEREST RATE WHEN IT IS NOT GIVEN. exampleThe parties agreed to compute interest @.80 per thousand per day.

    solutionCALCULAION OF INTEREST RATE [{.80/1000} /1 day ] * 365 days =29.2% p.a.


    Created by pankaj raut E mail pankajr879@gmail.com

    Contact no. +918959528009

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