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Question

Mr.Lava draws a bill on Mr.Kusha on 1st April, 2018 for Rs. 30,000 for 3 months payable after sight. The bill was accepted on 7th April, 2018. Calculate due date for the above bill?

A
7th July, 2018
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B
4th July, 2018
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C
1st July, 2018
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D
10th July, 2018
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Solution

The correct option is B 10th July, 2018
In case of a Bills Payable after sight, the legal due date is calculated from the date of acceptance of the bill. In this case the due date will be:
Date of acceptance of the bill: 7th April, 2018
Period: 3 months
Maturity Date: 7th july, 2018
Grace Days: 3 Days
Due Date: 10th July, 2018

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