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X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:
- a)8.1.05
- b)9.1.05
- c)10.1.05
- d)11.1.05
Correct answer is option 'B'. Can you explain this answer?
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X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, ...
Calculation of Due Date for a Bill
Given information:
- X draws a bill on Y for Rs 20,000 on 1.7.05
- The bill is for 3 months after sight
- The date of acceptance is 6.1.05
To calculate the due date of the bill, we need to consider the following:
1. Date of acceptance
The date of acceptance is the date on which the drawee (Y) accepts the bill and agrees to pay the amount mentioned in the bill. In this case, the date of acceptance is 6.1.05.
2. Tenor of the bill
The tenor of the bill is the period between the date of acceptance and the due date. In this case, the bill is for 3 months after sight, which means the due date will be 3 months after the date on which the drawee accepts the bill.
3. Sight bill
A sight bill is a bill of exchange that is payable on demand or upon presentation. In this case, the bill is a sight bill.
Calculating the due date:
- The date of acceptance is 6.1.05.
- The tenor of the bill is 3 months after sight.
- Since the bill is a sight bill, the due date will be calculated from the date of acceptance.
- Therefore, the due date will be 3 months after 6.1.05, which is 6.4.05.
- However, since the bill is payable on demand or upon presentation, the due date will be the next working day after 3 months after sight.
- 6.4.05 is not a working day, so the due date will be the next working day, which is 9.1.05.
Therefore, the correct answer is option B) 9.1.05.
Given information:
- X draws a bill on Y for Rs 20,000 on 1.7.05
- The bill is for 3 months after sight
- The date of acceptance is 6.1.05
To calculate the due date of the bill, we need to consider the following:
1. Date of acceptance
The date of acceptance is the date on which the drawee (Y) accepts the bill and agrees to pay the amount mentioned in the bill. In this case, the date of acceptance is 6.1.05.
2. Tenor of the bill
The tenor of the bill is the period between the date of acceptance and the due date. In this case, the bill is for 3 months after sight, which means the due date will be 3 months after the date on which the drawee accepts the bill.
3. Sight bill
A sight bill is a bill of exchange that is payable on demand or upon presentation. In this case, the bill is a sight bill.
Calculating the due date:
- The date of acceptance is 6.1.05.
- The tenor of the bill is 3 months after sight.
- Since the bill is a sight bill, the due date will be calculated from the date of acceptance.
- Therefore, the due date will be 3 months after 6.1.05, which is 6.4.05.
- However, since the bill is payable on demand or upon presentation, the due date will be the next working day after 3 months after sight.
- 6.4.05 is not a working day, so the due date will be the next working day, which is 9.1.05.
Therefore, the correct answer is option B) 9.1.05.
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X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, ...
Because add 3 Grace days
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X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer?
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X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 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 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer?.
X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 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 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X draws a bill on Y for Rs 20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.1.05. Due date of the bill will be:a)8.1.05b)9.1.05c)10.1.05d)11.1.05Correct answer is option 'B'. Can you explain this answer?.
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