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Question
Answer in one sentence.
What is bills payable on demand?
Solution
When amount of bill is payable by a drawee on the presentation of a bill, in which time period is not mentioned and grace days are not allowed is known as Bills Payable on Demand.
RELATED QUESTIONS
Answer in one sentence.
What are noting charges?
State True or False with reason:-
Inland bill is one which is drawn in one country and payable in another country.
Person whose liabilities are more than his assets and is not in position to pay off his liabilities is _________.
A bill which is drawn and accepted with valuable consideration is known as ___________.
A bill whose due date is calculated from the date of acceptance is known a ___________.
Recording the fact of dishonour of Bill is known as ___________.
When Drawee accepts the bill payable at a particular place only, it is known as _________.
Fees charged by the bank for collection of bill on behalf of holder is ____________.
Answer in one sentence.
What are days of grace?
Answer in one sentence.
What is noting of the bill?
Answer in one sentence.
What is legal due date?
Define bill of exchange.
Give Specimen of Bill of Exchange:
- Drawer: Mr. Ram Das, Pune
- Drawee: Mr. Kapil Deo. Mumbai
- Amount: ₹ 1,05,000
- Tenure : 3 Months
- Date of Bill: 3rd March. 2020
- Date of Acceptance: 7th March, 2020
Rajesh sold goods on credit to Sulochana for ₹ 25,000. Rajesh draws a bill for ₹ 25,000 on Sulochana for 3 months. Rajesh discounted the bill with his bank @ 10% p.a. on the same day. On the due date of bill, Sulochana requested Rajesh to accept ₹ 5,000 including ₹ 1,000 for interest and to draw a bill for the balance for 3 months. Rajesh agreed to this proposal. One month before the due date, Sulochana retired the bill for ₹ 20,200.
Pass necessary Journal Entries in the books of Rajesh.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ______.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ______.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be______.
Give one word/phrase/term which can substitute the following statement:-
Conversion of Bill of Exchange into its present value.
Bina draws a bill on Tina for ₹ 24,000 on 6th Oct. 2022 for 3 months. Tina accepts the bill on the same date. Bina sends the bill to Bank for collection on 20th Oct. 2022. Before due date, Tina finds herself unable to make the payment of bill and request Bina to renew it. Bina agree to the proposal on condition that Tina should pay ₹ 10,000 in cash along with interest ₹ 800 and accept a new bill for 2 months for the balance. Tina retired the bill on 12th Jan. 2023 by paying ₹ 13,500.
A bill of exchange is a ______.
Calculate legal due date for the following:
| Date of Bill | Period | Legal due date |
| 19th Jan. 2022 | 60 days | ? |
Write the word/phrase/term which can substitute each of the following statements:
A person in whose favour a bill is endorsed.
The due date of the bill drawn for 2 months on 23rd Nov. 2019 will be ______.
Give one word/phrase/term which can substitute the following statement:-
Conversion of Bill of Exchange into its present value.
