Due date of a bill of exchange drawn on 30th January, 2011 for one month will be :
29th Feb
1st March
2nd March
3rd March
Due date of a bill of exchange drawn on 30th January, 2011 for one month will be 3rd March.
A draws a bill on B for Rs. 60,000 on 1st January, 2016, X accepts the same on 4th January, 2016 for period of 3 months after date. What will be the maturity date of the bill?
On January 1, 2011, Bhanu and Naman drew on each other a bill for Rs.8,000 payable 3 months after the due date for their Mutual Benefit. On January 2, they discounted with their bank each other's bill at 5% per annum. On the due date, each met his own's acceptance.
Give Journal entry in the books of Bhanu and Naman.