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Question
A draws a bill of exchange of Rs.4000 on B on the 15th August payable 30 days after date. The due date of the bill will be _________.
A draws a bill of exchange of Rs.4000 on B on the 15th August payable 30 days after date. The due date of the bill will be _________.
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Solution
The correct option is A 17th September
The term maturity refers to the date on which a bill of exchange or 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. If A draws a bill of exchange of Rs. 4,000 on 15th August payable after 30 days after date, it falls on September 17th, i.e. 33 days after 15th August.
The term maturity refers to the date on which a bill of exchange or 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. If A draws a bill of exchange of Rs. 4,000 on 15th August payable after 30 days after date, it falls on September 17th, i.e. 33 days after 15th August.
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