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X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.?
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X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, ...
Explanation of Bill of Exchange
- Parties Involved: X and Y
- Amount: 300,000
- Date of Bill: 1.1.2016
- Terms of Payment: 3 months after sight
- Date of Acceptance: 6.1.2016
What is a Bill of Exchange?
A bill of exchange is a legal document that is used in international trade transactions. It is an order written by one party (the drawer) to another party (the drawee) to pay a specific amount of money to a third party (the payee) at a future date.
Parties Involved
In this case, X is the drawer who is drawing the bill on Y, the drawee. The amount mentioned in the bill is 300,000.
Terms of Payment
The terms of payment mentioned in the bill are 3 months after sight. This means that the payee (the third party) can demand payment from the drawee (Y) three months after the drawee accepts the bill.
Date of Acceptance
The date of acceptance is 6.1.2016. This means that Y has agreed to pay the amount mentioned in the bill to the payee after three months from the date of acceptance.
Conclusion
In conclusion, X draws a bill on Y for 300,000 on 1.1.2016 with terms of payment being 3 months after sight. Y accepts the bill on 6.1.2016, and the payee can demand payment from Y three months after the acceptance date.
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X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.?
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X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.?.
X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws a bill on Y for 300,000 on 1.1.2016 for 3 months after sight, date of acceptance is 6.1.2016.?.
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