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Question
Give the word / term or phrase which can substitute the following statement.
Those three extra days which are allowed over and above the period of bill.
Solution
Grace Days.
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RELATED QUESTIONS
A person who draws a bill of exchange.
The person in whose favour the bill is transferred.
A person on whom a bill is drawn.
_______ is a person to whom the amount on a bill is payable.
Answer the following question in one sentence only.
What is bill of exchange?
Select the most appropriate answer from the alternative given below and rewrite the sentence.
There are _____________ parties to the bill of exchange.
State whether the following statement is True or False.
Bill of exchange is in instrument in writing, which contains unconditional order.
State whether the following statement is True or False.
A Bill of Exchange is a negotiable instrument.
Select the most appropriate answer from the alternatives given below and rewrite the sentence :
The bill drawn on 12th June ,2013 at two months , would be payable on ________.
Sukhdev sold goods to Namdev worth ₹ 30000 on 1st March 2013. Namdev accepted a bill for three months , drawn by Sukhdev on 1st March 2013.
Namdev requested on 21st May 2013 to Sukhdev to receive ₹ 10000 and to draw a new bill for the balance for two months. Sukhdev agreed on condition that interest at 12 5 p.a. for two months is to be provided.
Sukhdev then drew a new bill for balance amount plus interest at 12 % p.a. for two months .
Namdev accepted the new bill. On due date the new bill was honoured.
Give journal entries in the books of Sukhdev.
