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CA Foundation Exam  >  CA Foundation Questions  >  X draws a bill on Y for Rs. 30,000 on 1.1.05.... Start Learning for Free
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?
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Verified Answer
X draws a bill on Y for Rs. 30,000 on 1.1.05. X accepts the same on 4....
Correct Answer :- a
3 months from 1.1.2019 ends on 31st March 2019+3 grace days; hence date of maturity 3.4.2019 (When period of bill is stated in months, calculation will be in months ignoring the days in months).
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X draws a bill on Y for Rs. 30,000 on 1.1.05. X accepts the same on 4....
Calculation of Due Date of the Bill

- The bill is drawn on 1.1.05 for Rs. 30,000
- The bill is accepted on 4.1.05
- The period of the bill is 3 months after the date of acceptance

To calculate the due date of the bill, we need to add the period of the bill to the date of acceptance:

- Date of acceptance: 4.1.05
- Period of the bill: 3 months
- Add 3 months to 4.1.05: 4.4.05

Therefore, the due date of the bill is 4.4.05, which is option A.
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Community Answer
X draws a bill on Y for Rs. 30,000 on 1.1.05. X accepts the same on 4....
The due date of bill is considered from the date of drawing the bill ,i.e., on 1/1/05.so after 3 months it will be dated 1/4/05 + 3 days of grace
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Ram ratan sold goods to ahmed for ₹100000 on 30th june 2017 for which latter accepts 4 bills of ₹25,000 each drawn on him payable after 2,4,6,8 months respectively. Ram ratan retained the first bill. The second bill was sent by him for collection .The third bill was endorsed by him to C in Part payment of ₹40000 owed to him. The fourth bill was discounted by him with his bankers at discount of 15% p.a.The first bill was met on due date .As regards second bill ,Ahmed met Ram Ratan two days before maturity date of bill and paid him ₹10,000 and accepted a fresh bill for 30 days for balance with interest @18%p.a. This bill as well as the third bill were met by drawer. Ahmed was declared insolvent on 31st December 2017 and on fourth bill becoming due, bank debited Ram ratan with amount of bill and changes of ₹2500 .It is ascertained by Ram ratan that estate of ahmed will not be in position to meet liabilities to an extent of more than 40%.What will be the journal entries to be made in the books of Ram ratan to record the above transactions?

Ram ratan sold goods to ahmed for ₹100000 on 30th june 2017 for which latter accepts 4 bills of ₹25000 each drawn on him payable after 2,4,6,8 months respectively. Ram ratan retained the first bill .The second bill was sent by him for collection. The third bill was endorsed by him to C in Part payment of ₹40000 owed to him .The fourth bill was discounted by him with his bankers at discount of 15%p.a. The first bill was met on due date .The first bill was met on due date .As regards second bill ,Ahmed met Ram Ratan two days before maturity date of bill and paid him ₹10000 and accepted a fresh bill for 30 days for balance with interest 18% p.a.This bill as well as the third bill were met by drawer.ahmed was declared insolvent on 31 st December 2017 and on fourth bill becoming due, bank debited Ram ratan with amount of bill and changes of ₹2500 .It is ascertained by Ram ratan that estate of ahmed will not be in a position to meet liabilities to extent of of more than 40%?

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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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