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If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be the due date of the bill if the term of the bill is 30 days after sight?
- a)7th January
- b)10th February
- c)11th February
- d)None
Correct answer is option 'B'. Can you explain this answer?
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If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be t...
Calculating Due Date of Bill with 30 Days After Sight
Given information:
- Bill drawn on 1st Jan
- Bill accepted on 8th Jan
- Term of the bill is 30 days after sight
To calculate the due date of the bill, we need to add the term of the bill to the date of acceptance. However, since the term is calculated from the date of sight, we need to first determine the date of sight.
Calculating Date of Sight:
The date of sight is the date on which the holder of the bill presents it to the drawee for acceptance. In this case, we are not given the date of sight, so we will assume that the bill was presented for acceptance on the same day it was drawn, i.e. on 1st Jan.
Therefore, the date of sight is 1st Jan.
Calculating Due Date:
Now we can calculate the due date of the bill by adding the term of the bill to the date of sight.
- Date of sight: 1st Jan
- Term of the bill: 30 days after sight
Adding the term to the date of sight:
1st Jan + 30 days = 31st Jan
Therefore, the due date of the bill is 31st Jan.
Answer:
The correct option is (b) 10th February. However, this option does not seem to be correct based on the given information and calculation. The due date should be 31st Jan, not 10th Feb.
Given information:
- Bill drawn on 1st Jan
- Bill accepted on 8th Jan
- Term of the bill is 30 days after sight
To calculate the due date of the bill, we need to add the term of the bill to the date of acceptance. However, since the term is calculated from the date of sight, we need to first determine the date of sight.
Calculating Date of Sight:
The date of sight is the date on which the holder of the bill presents it to the drawee for acceptance. In this case, we are not given the date of sight, so we will assume that the bill was presented for acceptance on the same day it was drawn, i.e. on 1st Jan.
Therefore, the date of sight is 1st Jan.
Calculating Due Date:
Now we can calculate the due date of the bill by adding the term of the bill to the date of sight.
- Date of sight: 1st Jan
- Term of the bill: 30 days after sight
Adding the term to the date of sight:
1st Jan + 30 days = 31st Jan
Therefore, the due date of the bill is 31st Jan.
Answer:
The correct option is (b) 10th February. However, this option does not seem to be correct based on the given information and calculation. The due date should be 31st Jan, not 10th Feb.
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If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be t...
10 Feb because 7 Feb + 3 day of grace
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If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be the due date of the bill if the term of the bill is 30 days after sight?a)7th Januaryb)10th Februaryc)11th Februaryd)NoneCorrect answer is option 'B'. Can you explain this answer?
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