FORMAT OF BILL OF EXCHANGE
₹ 8,800/-
586, Main Road,
Ajara.
Date: 1st May, 2010
Two months after date, pay to me or my order the sum of Rupees Eight Thousand Eight Hundred only, for the value received.
To,
Mr. Mukund Aglawe,
133, Chandni Chowk,
Panvel.
Sd/-
(Mr. Avadhoot Raktade)
"ACCEPTED"
Sd/-
(Mr. Mukund Aglawe)
Date: 5th May, 2010
Practice Questions
1. Who is the Drawer in the above Bill of Exchange?
- A. Mr. Mukund Aglawe
- B. Mr. Avadhoot Raktade ✓ Correct
- C. The Bank
- D. Both A and B
Solution: The drawer is the person who makes or drafts the bill of exchange directing the drawee to pay a certain sum. Here, it is Mr. Avadhoot Raktade.
2. What is the Due Date (Maturity Date) of the given Bill of Exchange?
- A. 1st July, 2010
- B. 5th July, 2010
- C. 4th July, 2010 ✓ Correct
- D. 8th July, 2010
Solution: The date of the bill is 1st May, 2010. The period is Two Months.
Nominal Due Date = 1st May + 2 months = 1st July, 2010.
Legal Due Date = 1st July, 2010 + 3 days of grace = 4th July, 2010.