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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?
Most Upvoted Answer
X draws a bill on Y for Rs 30,000 on 1.1.05. X accepts the same on 4.1...
Solution:
Calculation of Due Date of the Bill:
Date of acceptance of the bill: 4.1.05
Period of the bill after the date of acceptance: 3 months
Hence, the due date of the bill will be calculated by adding 3 months to the date of acceptance:
4.1.05 + 3 months = 4.4.05
Therefore, the due date of the bill is 4.4.05.
Explanation:
The bill drawn by X on Y for Rs 30,000 on 1.1.05 is a 'bill of exchange', which is a negotiable instrument. It is a written order by the drawer (X) to the drawee (Y) to pay a certain amount on a specified date. When the drawee accepts the bill, he agrees to pay the amount on the due date mentioned in the bill.
In this case, X draws a bill on Y for Rs 30,000 on 1.1.05. X accepts the same on 4.1.05. The period of the bill is 3 months after the date of acceptance. Hence, the due date of the bill will be calculated by adding 3 months to the date of acceptance.
The due date of the bill is important because it determines the date on which the payment is to be made by the drawee. If the drawee fails to make the payment on the due date, he is liable to pay interest on the amount of the bill as per the provisions of the Negotiable Instruments Act, 1881.
Therefore, the due date of the bill in this case is 4.4.05.
Calculation of Due Date of the Bill:
Date of acceptance of the bill: 4.1.05
Period of the bill after the date of acceptance: 3 months
Hence, the due date of the bill will be calculated by adding 3 months to the date of acceptance:
4.1.05 + 3 months = 4.4.05
Therefore, the due date of the bill is 4.4.05.
Explanation:
The bill drawn by X on Y for Rs 30,000 on 1.1.05 is a 'bill of exchange', which is a negotiable instrument. It is a written order by the drawer (X) to the drawee (Y) to pay a certain amount on a specified date. When the drawee accepts the bill, he agrees to pay the amount on the due date mentioned in the bill.
In this case, X draws a bill on Y for Rs 30,000 on 1.1.05. X accepts the same on 4.1.05. The period of the bill is 3 months after the date of acceptance. Hence, the due date of the bill will be calculated by adding 3 months to the date of acceptance.
The due date of the bill is important because it determines the date on which the payment is to be made by the drawee. If the drawee fails to make the payment on the due date, he is liable to pay interest on the amount of the bill as per the provisions of the Negotiable Instruments Act, 1881.
Therefore, the due date of the bill in this case is 4.4.05.
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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)4.4.05b)3.4.05c)7.4.05d)8.4.05Correct answer is option 'A'. Can you explain this answer?
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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)4.4.05b)3.4.05c)7.4.05d)8.4.05Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2025 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 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)4.4.05b)3.4.05c)7.4.05d)8.4.05Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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)4.4.05b)3.4.05c)7.4.05d)8.4.05Correct answer is option 'A'. Can you explain this answer?.
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