Fundamentals of Accounting; Principles And Practice of Bookkeeping
Fundamentals of Accounting; Principles And Practice of Bookkeeping
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I. Finding the Date of Maturity of Notes. — If the time is given in months, a calendar month is xmderstood, and the note will be due the corresponding date in one of the succeeding Digitized by Google INTEREST 249 months. For example, a 3-months' notfe dated January 5 will be due the 5 th day of a month 3 months later, or April 5. If the corresponding date does not appear in the final month of the term, the note will be due on the last day of that month. For example, notes dated December 29, 30..., 31, for 2 months, will be due February 28 of the following year, or in leap years, February 29.
If the time is given in days, count the exact number of days forward, excluding the date the note is given and including the date of maturity.
Example: A 90-day note dated June 8 will be due September 6.
Solution: This is obtained as follows: Excluding the date given, we have — Remaining in June 22 da.
" July 31 " " August 31 " 84 " Required in September 6 *' Total "^ " If the time is 30 days or even multiples of 30 days, an easy method for finding the due date is to add 30 days at a time.
What to read after Fundamentals of Accounting; Principles And Practice of Bookkeeping?
You can find similar books in the "Read Also" column, or choose other free books by Koopman, Sietse Bernard, 1876- to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
I. Finding the Date of Maturity of Notes. — If the time is given in months, a calendar month is xmderstood, and the note will be due the corresponding date in one of the succeeding Digitized by Google INTEREST 249 months. For example, a 3-months' notfe dated January 5 will be due the 5 th day of a month 3 months later, or April 5. If the corresponding date does not appear in the final month of the term, the note will be due on the last day of that month. For example, notes dated December 29, 30..., 31, for 2 months, will be due February 28 of the following year, or in leap years, February 29.
If the time is given in days, count the exact number of days forward, excluding the date the note is given and including the date of maturity.
Example: A 90-day note dated June 8 will be due September 6.
Solution: This is obtained as follows: Excluding the date given, we have — Remaining in June 22 da.
" July 31 " " August 31 " 84 " Required in September 6 *' Total "^ " If the time is 30 days or even multiples of 30 days, an easy method for finding the due date is to add 30 days at a time.
What to read after Fundamentals of Accounting; Principles And Practice of Bookkeeping?
You can find similar books in the "Read Also" column, or choose other free books by Koopman, Sietse Bernard, 1876- to read onlineMoreLess
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