CBSE Class 11-commerce Answered
Calculate the due dates of the following instruments:
A bill of exchange dated 31st October, 2016; payable 55 days after date without grace days.
A promissory note dated 5th January, 2015; payable 3 months after date.
Asked by Topperlearning User | 11 Aug, 2016, 10:13: AM
Expert Answer
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55 days after 31st October, 2016 is 25th December, 2016.
As, 25th December is a public holiday. The due date of the bill is 24th December, 2016.
1st Nov - 30th Nov
30 days
1st Dec - 25th Dec
25 days
Total
55 days
(As per the terms, no days of grace have been added to the term of the bill.)
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3 months after 5th January, 2015 is 5th April, 2015.
By adding 3 days of grace the due date of the instrument will be 8th April, 2015.
Answered by | 11 Aug, 2016, 12:13: PM
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