Question

A bill drawn and accepted on 23rd November 2012 for two months will payable on __________.

a. 23rd January 2012

b. 23rd January 2013

c. 25th January 2013

d. 26th January 2013

Answer 1

A bill was drawn and accepted on 23^rd November 2012 for two months will payable on 25^th January 2013.

Explanation:

Due date of the bill is calculated by adding three days of grace in the period of the bill. Thus, due date of the bill drawn and accepted on 23^rd November, 2012 will be 26^th January, 2013 which is calculated as follows.

= 23^rd November, 2012 + Two months (Period of the bill) + 3 days of grace

= 26^th January, 2013.

But when date of maturity falls on ‘Public Holiday’, then date of maturity is a preceding day. Thus, here, it is 25^th January, 2013