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Due date and discounting of bills: Class 11 practice

A bill payable 'n months after date' falls due n months after the drawing date plus 3 days of grace. Read the method, follow the three worked examples, then try the six questions.

What you should know first

  • Dates
  • Simple interest

The idea behind due date and discounting of bills

A bill payable 'n months after date' falls due n months after the drawing date plus 3 days of grace. When discounted with a bank, discount = face value × rate × unexpired time.

Step-by-step method

  1. Add the term to the date of drawing.
  2. Add 3 days of grace for the due date.
  3. Discount = value × rate × months/12.

Worked example 1 (Basic)

A bill is drawn on 13 September 2026 payable 3 months after date. Find the due date.

  1. 3 month(s) after: 13 December
  2. + 3 days of grace
  3. Answer: 16 December 2026

Worked example 2 (Standard)

A bill is drawn on 14 June 2026 payable 2 months after date. Find the due date.

  1. 2 month(s) after: 14 August
  2. + 3 days of grace
  3. Answer: 17 August 2026

Worked example 3 (Challenge)

A ₹85,000 bill with 1 month(s) left is discounted at 6% p.a. Find the discount and the cash received.

  1. Discount = 85000 × 6% × 1/12 = ₹425
  2. Cash = ₹84,575
  3. Answer: ₹425; ₹84,575

Common mistakes and misconceptions

  • Forgetting days of grace
  • Using the whole term instead of the unexpired period

Practice questions

  1. (Basic) A bill is drawn on 10 June 2026 payable 2 months after date. Find the due date.
  2. (Basic) A bill is drawn on 22 January 2026 payable 2 months after date. Find the due date.
  3. (Standard) A bill is drawn on 20 June 2026 payable 2 months after date. Find the due date.
  4. (Standard) A bill is drawn on 25 February 2026 payable 3 months after date. Find the due date.
  5. (Challenge) A ₹20,000 bill with 1 month(s) left is discounted at 6% p.a. Find the discount and the cash received.
  6. (Challenge) A ₹20,000 bill with 1 month(s) left is discounted at 12% p.a. Find the discount and the cash received.

Answer key with full working

  • Q1: 2 month(s) after: 10 August → + 3 days of grace → Answer: 13 August 2026
  • Q2: 2 month(s) after: 22 March → + 3 days of grace → Answer: 25 March 2026
  • Q3: 2 month(s) after: 20 August → + 3 days of grace → Answer: 23 August 2026
  • Q4: 3 month(s) after: 25 May → + 3 days of grace → Answer: 28 May 2026
  • Q5: Discount = 20000 × 6% × 1/12 = ₹100 → Cash = ₹19,900 → Answer: ₹100; ₹19,900
  • Q6: Discount = 20000 × 12% × 1/12 = ₹200 → Cash = ₹19,800 → Answer: ₹200; ₹19,800

Syllabus note

This skill is listed under "Bills of Exchange" for Class 11 in the NCERT/CBSE books. ICSE, IGCSE, IB and state boards may teach it in a different chapter or year.

Answers on this page are generated and automatically re-checked by a second, independent calculation. They have not been reviewed by a teacher — if you spot a problem, tell us on WhatsApp.

Related practice and notes

Frequently asked questions

Which chapter is due date and discounting of bills in?

"Bills of Exchange", Class 11 Accountancy (NCERT/CBSE). Other boards may place it differently.

How were the answers checked?

Answers on this page are generated and automatically re-checked by a second, independent calculation. They have not been reviewed by a teacher — if you spot a problem, tell us on WhatsApp.

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