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14 September 2011 On 1.1.05 , x draws a bill on y for Rs. 30,000. At maturity y requests x to draw a fresh bill for 2 months together with 12% p.a. Interest. Noting charges Rs. 100. The amt. Of interest will be??
A.600 B.602 C.500

ans. Is B. Also my question is why r we adding noting charges in calculation of interest??
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
26 September 2011 Well, bro
look at the date of maturity of the bill, u as the drawer must have paid Rs 100 Noting charges to the notary, the same amount is also recoverable from the drawee. So as on the date of maturity, when you pays Rs 100. Total amount outstanding to the drawee would be Initial amount of bill i.e. Rs 30000 + amount of notary paid Rs 100 = Rs 30,100

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