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
- Add the term to the date of drawing.
- Add 3 days of grace for the due date.
- 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.
- 3 month(s) after: 13 December
- + 3 days of grace
- 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.
- 2 month(s) after: 14 August
- + 3 days of grace
- 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.
- Discount = 85000 × 6% × 1/12 = ₹425
- Cash = ₹84,575
- Answer: ₹425; ₹84,575
Common mistakes and misconceptions
- Forgetting days of grace
- Using the whole term instead of the unexpired period
Practice questions
- (Basic) A bill is drawn on 10 June 2026 payable 2 months after date. Find the due date.
- (Basic) A bill is drawn on 22 January 2026 payable 2 months after date. Find the due date.
- (Standard) A bill is drawn on 20 June 2026 payable 2 months after date. Find the due date.
- (Standard) A bill is drawn on 25 February 2026 payable 3 months after date. Find the due date.
- (Challenge) A ₹20,000 bill with 1 month(s) left is discounted at 6% p.a. Find the discount and the cash received.
- (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.