22UCOMA20 – FINANCIAL ACCOUNTING - II

UNIT – I - AVERAGE DUE DATE

PROBLEMS:

Due dates of given :

1. Anbu owes sudhakar the following sums of money due on the dates stated.

Rs. 400 due on 5th January 1990

Rs. 200 due on 20th January 1990
Rs.800 due on 4th February 1990
Rs. 100 due on 26th February 1990
Rs. 50 due on 10th March 1990
Find out average due date.

Due date of bills given :

2. X purchased goods on credit. His due dates for payments were as under :
Date of bill Amount of bill (Rs) Due date
5-3-95 300 8-4-95
15-4-95 200 18-5-95
10-5-95 275 13-6-95
5-6-95 400 8-7-95
Find out average due date.

Due dates fall on Gazetted government holidays :

3. The following amount are due to raj by vasanth. Vasanth wants to pay off on 16-8-97. Interest rate of 6%
p.a. is taken consideration.
Due dates Amount (Rs)
1-8-97 600
15-8-97 (independence day) 1,000
22-9-97 500
5-10-97 ( Sunday) 800
Determine the amount to be paid on 16-8-97.

Due date of bills payable:

4. Find out average due date for the following bills:

Date of drawing of the bill Amount (Rs) Period
1989 January 15 250 3 months
1989 March 4 400 5 months
1989 April 10 500 1 month
1989 April 22 200 2 months
 5. You are required to the total amount of the bill and its due dates.

Bill no Date of drawings Date of acceptance Amount (Rs) Tenure

1 16-2-96 20-2-96 16,000 90 days after sight
2 6-3-96 7-3-96 12,000 2 months after date
3 24-5-96 31-5-96 4,000 4 months after sight
4 1-6-96 4-6-96 18,000 1 month

Calculation interest on drawings :

6. A partner has withdrawn the following sums from the business for his personal use during the half year
ending 30-6-83
Rs
nd
22 January 500
31st January 200
18th February 100
th
9 March 150
4th May 400
30th June 1,000

Find the average due date and calculate interest at the rate 5% p.a.

Determination of payment date to save specified amount of interest :

7. Arun has accepted the following bills drawn by varun

On 8th March 94 Rs.2,000 for 4 months
On 16th March 94 Rs.2,500 for 3 months
On 7th April 94 Rs.3,000 for 5 months
On 17th May 94 Rs.2,500 for 3 months

He wants to pay all the bills on a single day. Find out the date. Interest is charged at 18% p.a. and arun
wants to save Rs.150 by way of interest. Find out the date on which he has to effect the payment to save
interest of Rs.150.

Mutual indebtedness :

8. Two traders Asha and Usha buy goods from one another. At the end of 3 months the accounts rendered are
as follows :
Goods sold by Asha to Usha Goods sold by Usha to Asha
17-4-95 200 25-4-95 300
20-5-95 400 20-5-95 200
15-6-95 500
Calculate the date upon the balance should be paid so that no interest is due either to Asha to Usha.

Where the amount is lent in single installment:

9. Rai lent Rs.24,000 to kumar on 1-1-92 which is repayable in 6 equal annual installments commencing from
1-1-93.
Calculate average due date, interest at 15% p.a. and amount of each installment.