Question

on 12th july 2019 a draws a bill on B for 50000 for 1 month and 15 august is a public holiday. what will be the maturity date of the bill?
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Answer 1

Answer:

16th August 2019

Explanation:

Answer 2

The maturity date will be 14th August 2019.

At times, when the buyer is not able to pay the amount of the transaction right at the moment of sales, a bill is drawn by the seller on the buyer. It gives the buyer a credit period and ensures a specific date when the buyer has to pay the amount. This specific date when the buyer is due to pay the amount is the due date for the bill. For finding the due date, we will add the time given for the bill and add an excess period of 3 days. Here, the normal due date for the bill is:

12th July 2019 + 1 month + 3 days extra period = 15th August 2019

However, 15th August 2019 is a public holiday, so the bill will be due one day before the due date that is 14th August 2019.