Question

A bill dated 1^st February, 2023 is payable three months after date. The maturity date of the bill will be:

• A. 3^rd May, 2023
• B. 10^th April, 2023
• C. 8^th April, 2023
• D. 11^th April, 2023

Hint:

While calculating the maturity date for bills of exchange, add the given months and include a standard 3-day grace period.

Answer 1

The Correct Option is D

The maturity date of a bill is calculated as follows:

1. Add 3 months from the bill date (^1st February 2023):
   - February → March → April.
   The bill becomes due on ^1st May 2023.
2. Add a grace period of 3 days as per the standard practice:
   - ^1st April + 3 days = ^11th April, 2023.

Thus, the maturity date is 11^th April, 2023.