Question

a bill drawn on 5th august for 45 days will be paid on

Answer 1

Answer:

a bill drawn on 5th August for 45 days will be paid on 20th September.

Answer 2

Answer: it will be paid on September 19th.

Explanation:

A bill of exchange is generally drawn by the creditor upon his debtor. It has accepted by the drawee (debtor) or someone on his behalf. A seller/creditor who is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor.

For example, Amit sold goods to Rohit on credit for ` 10,000 for three months. To

ensure payment on due date Amit draws a bill of exchange upon Rohit for

` 10,000 payable after three months. Before it is accepted by Rohit it will be called

a draft. It will become a bill of exchange only when Rohit writes the word “accepted”

on it and append his signature thereto communicate his acceptance.

If a bill is drawn on August 5th for 45 days, it will be paid on September 19th. This is calculated by starting on August 5th and adding 45 days, which brings us to September 19th.

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