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Question
On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
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Solution
The correct option is C 4th April, 2018
In case of a Bills Payable after date, the legal due date is calculated from the date of drawing of the bill. In this case the due date will be:
Date of Drawing bill: 1st January, 2018
Period (Months): 3 Months
Maturity Date: 1st April, 2018
Days of Grace: 3 days
Due Date: 4th April, 2018
In case of a Bills Payable after date, the legal due date is calculated from the date of drawing of the bill. In this case the due date will be:
Date of Drawing bill: 1st January, 2018
Period (Months): 3 Months
Maturity Date: 1st April, 2018
Days of Grace: 3 days
Due Date: 4th April, 2018
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