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A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will be
- a)1st May, 2010
- b)28th April, 2010
- c)5th May, 2010
- d)2nd May, 2010
Correct answer is option 'C'. Can you explain this answer?
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A bill is drawn on 28th March, 2010 for one month after sight. The dat...
Ans is C. Until the bill is not accepted it is known as draft but when the bill gets accepted it is called BOE and the time period of bill starts from that date
Thus, 2 April + 1month +3 grace days= 5th May 2010.
Thus, 2 April + 1month +3 grace days= 5th May 2010.
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A bill is drawn on 28th March, 2010 for one month after sight. The dat...
The maturity date of a bill is calculated based on the terms mentioned in the bill and the date of acceptance. In this case, the bill is drawn on 28th March, 2010, and the date of acceptance is 2nd April, 2010.
To calculate the maturity date, we need to consider the term mentioned in the bill, which is one month after sight. This means that the bill will become due for payment one month after it is accepted.
Let's calculate the maturity date step by step:
Step 1: Calculate the date of sight
The date of sight is the date on which the bill is accepted. In this case, the date of acceptance is 2nd April, 2010.
Step 2: Add one month to the date of sight
To calculate the maturity date, we need to add one month to the date of sight. Since the date of acceptance is 2nd April, 2010, adding one month will give us 2nd May, 2010.
Step 3: Adjust for the number of days in the month
It is important to note that the term mentioned in the bill is one month after sight, not one calendar month. Therefore, we need to adjust the maturity date based on the number of days in the month.
In this case, the bill is drawn on 28th March, 2010, and the date of acceptance is 2nd April, 2010. Since there are only 30 days in April, we need to adjust the maturity date to the next working day, which is 5th May, 2010.
Therefore, the correct answer is option 'C' - 5th May, 2010.
To calculate the maturity date, we need to consider the term mentioned in the bill, which is one month after sight. This means that the bill will become due for payment one month after it is accepted.
Let's calculate the maturity date step by step:
Step 1: Calculate the date of sight
The date of sight is the date on which the bill is accepted. In this case, the date of acceptance is 2nd April, 2010.
Step 2: Add one month to the date of sight
To calculate the maturity date, we need to add one month to the date of sight. Since the date of acceptance is 2nd April, 2010, adding one month will give us 2nd May, 2010.
Step 3: Adjust for the number of days in the month
It is important to note that the term mentioned in the bill is one month after sight, not one calendar month. Therefore, we need to adjust the maturity date based on the number of days in the month.
In this case, the bill is drawn on 28th March, 2010, and the date of acceptance is 2nd April, 2010. Since there are only 30 days in April, we need to adjust the maturity date to the next working day, which is 5th May, 2010.
Therefore, the correct answer is option 'C' - 5th May, 2010.
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A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. Can you explain this answer?
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A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. 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 A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. 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 A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. Can you explain this answer?.
A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. 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 A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. 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 A bill is drawn on 28th March, 2010 for one month after sight. The date of acceptance is 2nd April, 2010. The maturity date of the bill will bea)1st May, 2010b)28th April, 2010c)5th May, 2010d)2nd May, 2010Correct answer is option 'C'. Can you explain this answer?.
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