CA Foundation

 A bill is drawn on 29th Jan. 2011 for one month after date. The date of acceptance is 2nd Feb. 2011. The maturity date of the bill will be:
  • a)
    28th February
  • b)
    1st March
  • c)
    2nd March
  • d)
    3rd March
Correct answer is option 'D'. Can you explain this answer?

Aditya Kabra answered  •  9 hours ago
While calculating due date, date of acceptance and three days of grace are considered. Maturity date is the date on which the Tenor or period of the bill expires.
In the above case, THE MATURITY DATE OF THE BILL COMES AS 2ND OF MARCH.

view all 2 answers

X draws a bill on Y for Rs. 30,000 on 1.1.05. X accepts the same on 4.1.05. Period of the bill 3 months after date. What will be the due date of the bill:
  • a)
    4.4.05
  • b)
    3.4.05
  • c)
    7.4.05
  • d)
    8.4.05
Correct answer is option 'A'. Can you explain this answer?

Aditya Kabra answered  •  9 hours ago
The Tenor of the bill is mentioned, which itself signifies that it is a bill after sight.
The due date of the bill come by adding the three days of grace to the maturity date.
The due date is calculated by taking into consideration the date of acceptance and three days grace.
SO CORRECT ANSWER IS OPTION C

view all 3 answers

Fetching relevant content for you
Ask a question