1
Question
Bill of exchange
On 18.2.2019, A draws a bill on B for Rs.1,25,000. B accepted the bill on 21.2.2019. The bill is drawn for 30 days after sight. The maturity date of the bill will be _______.
Bill of exchange
On 18.2.2019, A draws a bill on B for Rs.1,25,000. B accepted the bill on 21.2.2019. The bill is drawn for 30 days after sight. The maturity date of the bill will be _______.
Open in App
Solution
The correct option is C 26.3.2019
Maturity means the date on which a bill of exchange falls due for payment. The date of maturity is to be calculated in respect of bills which are payable after a specified time. 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. In case of bill after sight, the date of acceptance is the date from which maturity is calculated. Therefore, in this case, the maturity is after 30 days of acceptance i.e .23rd March 2019 and adding three days grace which makes the date of maturity to be 26th March, 2019.
Maturity means the date on which a bill of exchange falls due for payment. The date of maturity is to be calculated in respect of bills which are payable after a specified time. 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. In case of bill after sight, the date of acceptance is the date from which maturity is calculated. Therefore, in this case, the maturity is after 30 days of acceptance i.e .23rd March 2019 and adding three days grace which makes the date of maturity to be 26th March, 2019.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
