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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

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B

29th Feb

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C

1st March

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D

3rd March

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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

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