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Maturity of Bills Video Lecture | Accountancy Class 11 - Commerce

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FAQs on Maturity of Bills Video Lecture - Accountancy Class 11 - Commerce

1. What is the maturity of a bill?
Ans. The maturity of a bill refers to the date on which the payment for the bill is due. It is the date on which the issuer of the bill is obligated to pay the bill's face value to the holder.
2. How is the maturity of a bill determined?
Ans. The maturity of a bill is typically determined at the time of issuance. It is agreed upon by the issuer and the holder of the bill. The maturity date is usually mentioned on the face of the bill.
3. Can the maturity of a bill be extended?
Ans. Yes, the maturity of a bill can be extended if both the issuer and the holder agree to it. This can be done through a process called "renewal" or "rollover," where a new bill is issued with an extended maturity date.
4. What happens if a bill reaches its maturity date and is not paid?
Ans. If a bill reaches its maturity date and is not paid, it is considered to be in default. The holder of the bill may take legal action to recover the amount due, which may include imposing penalties or initiating a legal proceeding.
5. Are there different types of bill maturities?
Ans. Yes, there are different types of bill maturities. Some bills have a fixed maturity date, which means that the payment is due on a specific date. Other bills may have a "at sight" or "on demand" maturity, which means that the payment is due as soon as the bill is presented to the issuer.
82 videos|105 docs|42 tests

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