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. 
example-
The parties agreed to compute interest @.80 per thousand per day.
solution-
 CALCULAION OF INTEREST RATE
[{.80/1000} /1 day ] * 365 days
=29.2% p.a.

Created by –pankaj raut
 E mail –pankajr879@gmail.com
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