Question

Find out the maturity date of the bills in the following case:-

(a) 12th June, 2016 (b) 29th July, 2016 (c) 10th august, 2016

time period is two month for each.​

Answer 1

Answer:

(a) 15th Aug 2016

(b) 2rd Oct 2016

(c) 13th Oct 2016

Explanation:

Maturity date should be calculated after two months with 3 grace days..

Answer 2

⋆Answer :

a ) 12 June 2016 - 16 August 2016

We should note that maturity time period is for 2 months so, it will be 12 th August and grants 3 days of grace that is , (12+3) 15 th August. And again we note that the maturity date falls doesn't on a public holiday. If then, the bill will payable on Preceeding Working day. Hence ,it becomes on 16 th August .

b ) 29 th July 2016 - 3rd Oct 2016.

Again we have to note the above mentioned points ( 3 days of grace , public holiday ) So, maturity date of the bill will be 3rd Oct 2016.

c ) 10 th August 2016 - 13th Oct 2016

We have to note the Points that I mentioned above. ( 2 months of time period , 3 days of grace )

⋆More About Date of Maturity :

Maturity date or due date of bill of exchange is the date on which a bill of exchange become payable. While calculating the date of Maturity, 3 extra days called Grace days are added to the period of the bill. Eg :- a bill of exchange dated 25th March made payable after 3 months due to 28th June.If the due date falls on a public holiday the bill will be payable on the proceeding working days. If it is a declared holiday it is to paid on the next working day.

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