Question

(1) Define a bill.
(3) How many parties are there in a bill?
(5) What is the term of bill?
(7) What are the days of grace ?
(9) What is bill after date?
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Answer 1

Answer:

(1) Define a bill.

An invoice or other document received from a vendor, supplier, etc. usually for goods or services received

(3) How many parties are there in a bill?

Drawee. This party pays the amount stated on the bill of exchange to the payee.

Drawer. This party requires the drawee to pay a third party (or the drawer can be paid by the drawee).

Payee. This party is paid the amount specified on the bill of exchange by the drawee

(5) What is the term of bill?

(a) Term of Bill or Period of Bill. It is the time period between the date on which a bill is drawn and the date on which it is payable. (B) Due Date. It is the date on which the payment of the bill is due.

(7) What are the days of grace ?

Days of Grace – Drawee is given three extra days following the due date of the bill for making payment. These 3 days are known as 'Days of Grace'. ... For example, if the bill is drawn on 1st January and its maturity is 1 month then the due date would be 1st January + 1 month + 3 days = 4th February.

(9) What is bill after date?

Bill after Date – Here, the due date is the date of drawing plus the terms of the bill. For example, if the bill is drawn on 1st January and its maturity is 30 days after date then its due date would be 1st January + 30 days = 31st January.

Explanation: