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CBSE Class 11-commerce Answered

Explain the terms: Date of maturity Days of grace Bill at sight
Asked by Topperlearning User | 11 Aug, 2016, 09:56: AM
answered-by-expert Expert Answer
  1. Date of maturity: The date calculated after adding 3 days of grace to the due date of a bill is called the date of maturity of a bill. It is to be noted that when a bill is to be payable on demand/at sight, then days of grace is not applicable. When the period of a bill is mentioned in days, the maturity of bill is calculated in days. Similarly, when the period of a bill is mentioned in months, the maturity of bill is calculated in months. In certain cases, when the maturity date of any bill falls on a public holiday, then the maturity date of the bill will be the previous business day.
  2. Days of grace: 3 extra days added to the period of the written instrument are the days of grace. It is standard to add days of grace to an instrument.
  3. Bill at sight: When no time/date of payment is mentioned on an instrument, it means that the instrument is payable on demand or at sight. In such cases, the payment has to be made immediately upon being presented with the instrument for payment.
Answered by | 11 Aug, 2016, 11:56: AM
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