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Question
A bill dated 1st January 2014 is a payable 60 days after date. The maturity date of the bill will be _________.
A bill dated 1st January 2014 is a payable 60 days after date. The maturity date of the bill will be _________.
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Solution
The correct option is C 5th March 2014
The term maturity refers to the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as days of grace, must be added to the date on which the period of credit expires, instrument is payable. A bill dated 1st January 2014 is payable 60 days after date, it falls on 5th March, 2014 i.e. 63 days after 1st January if it were payable 60 days after date.
The term maturity refers to the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as days of grace, must be added to the date on which the period of credit expires, instrument is payable. A bill dated 1st January 2014 is payable 60 days after date, it falls on 5th March, 2014 i.e. 63 days after 1st January if it were payable 60 days after date.
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