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Question
Mr.Ajay draws a bill on Mr.Vijay on 1st August, 2018 for Rs. 50,000 for 3 months payable after sight. The bill was accepted on 8th August, 2018. 11th November was a sudden Holiday. Calculate due date in the above case?
Mr.Ajay draws a bill on Mr.Vijay on 1st August, 2018 for Rs. 50,000 for 3 months payable after sight. The bill was accepted on 8th August, 2018. 11th November was a sudden Holiday. Calculate due date in the above case?
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Solution
The correct option is C 12th November, 2018
If the due date falls on a day which is a sudden holiday, the due date shall be the following business day. In this case the due date will be:
Date of acceptance of the bill: 8th August, 2018
Period: 3 months
Maturity Date: 8th November, 2018
Grace Days: 3 Days
Due Date: 12th November,2018
If the due date falls on a day which is a sudden holiday, the due date shall be the following business day. In this case the due date will be:
Date of acceptance of the bill: 8th August, 2018
Period: 3 months
Maturity Date: 8th November, 2018
Grace Days: 3 Days
Due Date: 12th November,2018
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