Cpt
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Ankit Hinduja
(Querist)
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??
A.600 B.602 C.500
ans. Is B. Also my question is why r we adding noting charges in calculation of interest??
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
If any doubt plz ask
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
If any doubt plz ask
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