MyQuestionIcon

3

You visited us 3 times! Enjoying our articles? Unlock Full Access!

Features of Bill of Exchange

A one month b...

Question

A one month bill drawn and accepted on 31st January, will become due on ___________.

A

28th Feb

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

29th Feb

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

1st March

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

3rd March

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Open in App

Solution

The correct option is C 3rd March
Legal Due Date = Date of Bill + Period of Bill + 3 grace Days
Therefore Legal Due Date = 31st jan + 1 months + 3days
= 28feb + 3days
= 3rd March

Suggest Corrections

thumbs-up

0

Similar questions

Due date of a bill of exchange drawn on 30th January, 2011 for one month will be :

Q. A bill drawn and accepted on 23rd November 1994 for 2 months will be due for payment on _______________.

Q. B owed ₹ 5,100 to A. On 15th January, 2017, he accepted a bill for ₹ 5,000 for two months drawn by A in full settlement of his debt. On 18th January, 2017, A endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass Journal entries in the books of A, B and C.

Q. B owed ₹ 20,400 to A. On 15th January, 2019, he accepted a bill for ₹ 20,000 for two months drawn by A in full settlement of his debt. On 18th January, 2019, A endorsed the bill to his creditor C. The bill was duly met on the date of maturity. Pass Journal entries in the books of A, B and C.

Q. On 10th January, 2017, A sells goods to B for ₹ 12,000. On that date, B accepted a bill drawn upon him by A at two months for ₹ 12,000. A retains the bill till due date and on due date sends the bill to the Banker for collection. In due course, A receives the information from the Bank that the bill has been duly met.
Pass Journal Entries in the books of A and B.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction to Bill of Exchange

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Features of Bill of Exchange

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon