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Question
A bill was drawn on 14th April for ₹ 7,000 and was discounted on 6th July at 5% p.a. The Banker paid ₹ 6,930 for the bill. What is the legal due date
Solution
Face value (F.V.) = 7,000
Cash value (C.V.) = 6,930
Banker’s discount (B.D.) = F.V. – C.V.
= 7,000 – 6,930
= 70
Date of drawing bill = 14th April
Date of discounting bill = 6th July
We know that,
Banker’s discount = `("F.V." xx "n"/365 xx 5)/100`
∴ 70 = `(7,000 xx "n"/365 xx 5)/100`
∴ n = `(70 xx 100 xx 365)/(7,000 xx 5)`
∴ n = 73
To calculate period of bill, we have to calculate 73 days from date of bill discounting.
| July | August | September | Total |
| 25 | 31 | 17 | 73 days |
∴ Legal due date = 17th September
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