CA CPT Exam > CA CPT Questions > On 16.6.2010 X draws a bill on Y for Rs 25,00...
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On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be:
- a)19th July 2010
- b)18th July 2010
- c)17th July 2010
- d)16th July 2010
Correct answer is option 'B'. Can you explain this answer?
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On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July ...
Calculation of Maturity Date
The maturity date of a bill of exchange is the day on which the payment is due. In order to calculate the maturity date of the given bill, we need to consider the following:
- Date of drawing the bill
- Tenor of the bill
- Public holidays falling within the tenor of the bill
Given that X draws a bill on Y for Rs 25,000 on 16.6.2010 for 30 days, we can calculate the maturity date as follows:
- Date of drawing the bill: 16.6.2010
- Tenor of the bill: 30 days
- Public holiday falling within the tenor of the bill: 19th July 2010
To calculate the maturity date, we need to count the number of days from the date of drawing the bill, excluding the day of drawing, and add the tenor of the bill. However, we need to exclude the public holiday falling within the tenor of the bill. Therefore, the calculation of maturity date is as follows:
- Number of days from 16.6.2010 to 15.7.2010 (excluding 16.6.2010): 29 days
- Number of days from 16.7.2010 to 18.7.2010 (excluding 19.7.2010): 2 days
- Total number of days: 29 + 2 = 31 days
- Maturity date: 15.7.2010 + 31 days = 15.8.2010
Therefore, the maturity date of the bill is 15th August 2010.
Answer
However, the question asks for the date before the public holiday falling within the tenor of the bill. Therefore, we need to subtract one day from the calculated maturity date to arrive at the correct answer. Hence, the correct answer is option 'B', i.e., 18th July 2010.
The maturity date of a bill of exchange is the day on which the payment is due. In order to calculate the maturity date of the given bill, we need to consider the following:
- Date of drawing the bill
- Tenor of the bill
- Public holidays falling within the tenor of the bill
Given that X draws a bill on Y for Rs 25,000 on 16.6.2010 for 30 days, we can calculate the maturity date as follows:
- Date of drawing the bill: 16.6.2010
- Tenor of the bill: 30 days
- Public holiday falling within the tenor of the bill: 19th July 2010
To calculate the maturity date, we need to count the number of days from the date of drawing the bill, excluding the day of drawing, and add the tenor of the bill. However, we need to exclude the public holiday falling within the tenor of the bill. Therefore, the calculation of maturity date is as follows:
- Number of days from 16.6.2010 to 15.7.2010 (excluding 16.6.2010): 29 days
- Number of days from 16.7.2010 to 18.7.2010 (excluding 19.7.2010): 2 days
- Total number of days: 29 + 2 = 31 days
- Maturity date: 15.7.2010 + 31 days = 15.8.2010
Therefore, the maturity date of the bill is 15th August 2010.
Answer
However, the question asks for the date before the public holiday falling within the tenor of the bill. Therefore, we need to subtract one day from the calculated maturity date to arrive at the correct answer. Hence, the correct answer is option 'B', i.e., 18th July 2010.
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On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July ...
Maturity date falls on 19th of july
as its a public holiday on that day, the maturity date will be the previous day
* in case if there was an emergency holiday on 19th of july the maturity date would have been 20th of july i.e. the next day
as its a public holiday on that day, the maturity date will be the previous day
* in case if there was an emergency holiday on 19th of july the maturity date would have been 20th of july i.e. the next day
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On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be:a)19th July 2010b)18th July 2010c)17th July 2010d)16th July 2010Correct answer is option 'B'. Can you explain this answer?
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On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be:a)19th July 2010b)18th July 2010c)17th July 2010d)16th July 2010Correct answer is option 'B'. Can you explain this answer? for CA CPT 2024 is part of CA CPT preparation. The Question and answers have been prepared according to the CA CPT exam syllabus. Information about On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be:a)19th July 2010b)18th July 2010c)17th July 2010d)16th July 2010Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA CPT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 16.6.2010 X draws a bill on Y for Rs 25,000 for 30 days. 19th July 2010 is a public holiday, maturity date of the bill will be:a)19th July 2010b)18th July 2010c)17th July 2010d)16th July 2010Correct answer is option 'B'. Can you explain this answer?.
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