if BG on bill 146 days hence @6% is ₹360 . find TD and BD
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Answer:
A bill of exchange is an instrument in writing, an unconditional order signed by the maker directing to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument. The bill is written by the seller (creditor), called payee, to the purchaser (debtor), called drawee. Also, the drawee has to write the word ‘Accepted’ on the bill and sign under it. Only then it legally binds him to pay his debt. Without the drawee accepting the bill, it would be useless. The bill may also be prepared by somebody else than payee i.e. the drawer may be different from payee. The bills can be transferred from one to another; the payee can endorse it to another person on the back of bill under his signature. The person endorsing it, is called endorser and the person to whom it is endorsed, is called endorsee.
There is discounting facility available. If the payee needs cash before due date, he can take the bill to a bank which will discount the bill and give him a cash amount equal to value of the bill minus the discount. Some examples of bills of exchange are cheque, bank draft, hundies etc. A cheque is a bill of exchange drawn on a banker and payable on demand. A bank draft is a cheque drawn by one bank on another to pay a specified amount on demand. Hundies are bills of exchange drawn in vernacular.