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A bill is drawn on 29th Jan. 2011 for one month after date. The date of acceptance is 2nd Feb. 2011. The maturity date of the bill will be:
- a)28th February
- b)1st March
- c)2nd March
- d)3rd March
Correct answer is option 'D'. Can you explain this answer?
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A bill is drawn on 29thJan. 2011 for one month after date. The date of...
Calculation of Maturity Date of a Bill
Bill Drawn on: 29th Jan 2011
Tenor of the bill: One month after date
Accepted on: 2nd Feb 2011
To calculate the maturity date of the bill, we need to add the tenor of the bill to the date of acceptance.
Step 1: Add one month to the date of acceptance
2nd Feb 2011 + 1 month = 2nd March 2011
Step 2: Subtract one day from the result of Step 1
2nd March 2011 - 1 day = 1st March 2011
Step 3: Check if 1st March 2011 is a holiday. If it is a holiday, the maturity date will be the next working day.
1st March 2011 was not a holiday, so the maturity date of the bill will be:
Maturity Date: 3rd March 2011
Bill Drawn on: 29th Jan 2011
Tenor of the bill: One month after date
Accepted on: 2nd Feb 2011
To calculate the maturity date of the bill, we need to add the tenor of the bill to the date of acceptance.
Step 1: Add one month to the date of acceptance
2nd Feb 2011 + 1 month = 2nd March 2011
Step 2: Subtract one day from the result of Step 1
2nd March 2011 - 1 day = 1st March 2011
Step 3: Check if 1st March 2011 is a holiday. If it is a holiday, the maturity date will be the next working day.
1st March 2011 was not a holiday, so the maturity date of the bill will be:
Maturity Date: 3rd March 2011
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A bill is drawn on 29thJan. 2011 for one month after date. The date of...
While calculating due date, date of acceptance and three days of grace are considered. Maturity date is the date on which the Tenor or period of the bill expires.
In the above case, THE MATURITY DATE OF THE BILL COMES AS 2ND OF MARCH.
In the above case, THE MATURITY DATE OF THE BILL COMES AS 2ND OF MARCH.
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A bill is drawn on 29thJan. 2011 for one month after date. The date of acceptance is 2ndFeb. 2011. The maturity date of the bill will be:a)28thFebruaryb)1stMarchc)2ndMarchd)3rdMarchCorrect answer is option 'D'. Can you explain this answer?
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