A bill payable on demand is called Time bill.

True

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False

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Solution

The correct option is B False
A draft payable at a specified future date is time draft. Bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another.

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Similar questions

Q. A bill given to a creditor is called bill payable.

In case of a bill of exchange, the drawee is entitled to have three days for making payment of the bill but in case of a _____________ is always payable on demand.

Q. Question: From the following, calculate the number of bills accepted during the year.

	(Rs)
Bills payable as on April 1, 2005	$1, 80, 000$
Bills payable as on March 31, 2006	$2, 20, 000$
Bills payable dishonoured during the year	$28, 000$
Bills payable honoured during the year	$50, 000$

From the following, calculate the amount of bills accepted during the year.

Bills payable as on April 01, 2016 1,80,000

Bills payable as on March 31, 2017 2,20,000

Bills payable dishonoured during the year 28,000

Bills payable honoured during the year 50,000

Q. Question : Find out the amount of bills matured during the year on the basis of information given below.

	(Rs)
Bills payable dishonoured	$37, 000$
Closing balance of Bills payable	$85, 000$
Opening balance of Bills payable	$70, 000$
Bills payable accepted	$90, 000$
Cheque dishonoured	$23, 000$

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A bill payable on demand is called Time bill.

The correct option is B FalseA draft payable at a specified future date is time draft. Bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another.

The correct option is B False
A draft payable at a specified future date is time draft. Bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another.