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On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will be
- a)08.10.2016
- b)10.10.2016
- c)11.10.2016
- d)09.10.2016
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
On 01.09.2016, A draws a bill on B “for 30 days after sight̶...
Calculation of Maturity Date of Bill
Given:
- A draws a bill on B for 30 days after sight on 01.09.2016
- The date of acceptance is 08.09.2016
To find:
- Maturity date of the bill
Solution:
Step 1: Calculation of Due Date
The due date is calculated by adding the tenure of the bill to the date of acceptance.
Tenure of the bill = 30 days after sight
Date of acceptance = 08.09.2016
To calculate due date, we need to add 30 days to the acceptance date. But as the bill is 'after sight', the tenure will start from the date of acceptance. So, we need to add 30 days to 08.09.2016, i.e., 08.10.2016.
Therefore, the due date of the bill is 08.10.2016.
Step 2: Calculation of Maturity Date
The maturity date is calculated by adding three more days to the due date. This is because the due date is also known as the date of maturity, and the payment is expected to be made within three days after the due date.
So, we need to add three more days to 08.10.2016, i.e., 11.10.2016.
Therefore, the maturity date of the bill is 11.10.2016.
Hence, the correct answer is option 'C' - 11.10.2016.
Given:
- A draws a bill on B for 30 days after sight on 01.09.2016
- The date of acceptance is 08.09.2016
To find:
- Maturity date of the bill
Solution:
Step 1: Calculation of Due Date
The due date is calculated by adding the tenure of the bill to the date of acceptance.
Tenure of the bill = 30 days after sight
Date of acceptance = 08.09.2016
To calculate due date, we need to add 30 days to the acceptance date. But as the bill is 'after sight', the tenure will start from the date of acceptance. So, we need to add 30 days to 08.09.2016, i.e., 08.10.2016.
Therefore, the due date of the bill is 08.10.2016.
Step 2: Calculation of Maturity Date
The maturity date is calculated by adding three more days to the due date. This is because the due date is also known as the date of maturity, and the payment is expected to be made within three days after the due date.
So, we need to add three more days to 08.10.2016, i.e., 11.10.2016.
Therefore, the maturity date of the bill is 11.10.2016.
Hence, the correct answer is option 'C' - 11.10.2016.
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Community Answer
On 01.09.2016, A draws a bill on B “for 30 days after sight̶...
Correct answer is C because there is a point that is AFTER SIGHT which means a bill of exchange is a legal document after it get acceptance that's why maturity date is 11.10.2016
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On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. Can you explain this answer?
Question Description
On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. 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 On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. 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 On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. Can you explain this answer?.
On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. 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 On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. 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 On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. Can you explain this answer?.
Solutions for On 01.09.2016, A draws a bill on B “for 30 days after sight”. The date of acceptance is 08.09.2016. The maturity date of the bill will bea)08.10.2016b)10.10.2016c)11.10.2016d)09.10.2016Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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