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Question
Bill of exchange
X draws a bill on Y for Rs. 30,000 on 1.1.2019. X accepts the same on 4.1.2019 for period of 3 months after date. What will be the maturity date of the bill?
Bill of exchange
X draws a bill on Y for Rs. 30,000 on 1.1.2019. X accepts the same on 4.1.2019 for period of 3 months after date. What will be the maturity date of the bill?
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Solution
The correct option is A 3.4.2019
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. Therefore, in this case, the maturity is after it becomes payable i.e. three months later (31st March 2019) and adding three days grace which makes the date of maturity to be 3rd April, 2019. Here although its is accepted, the date will be counted from the date of drawing of the bill i.e. 1.1.2019.
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. Therefore, in this case, the maturity is after it becomes payable i.e. three months later (31st March 2019) and adding three days grace which makes the date of maturity to be 3rd April, 2019. Here although its is accepted, the date will be counted from the date of drawing of the bill i.e. 1.1.2019.
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