Class 11 DK Goel Solutions Chapter 18 - Bills of Exchange
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Bills of Exchange is an important chapter in Class 11th. The definition of the term ‘Bills of Exchange’ would entail any business transaction involving sale or buying of products or services on cash or credit. Credit means the payment is postponed to a date sometime in future. As an understanding of the due payment, a written instrument of credit is used between the buyer and the seller according to some agreed conditions. Such instruments of credit are called Bills of exchange.
FAQs on DK Goel Solutions Class 11 Accountancy Chapter 18
1. What does it signify when a bill of exchange matures?
The maturity of a bill refers to the date when it is ready to be paid. According to the provisions of the bill, 3 days of grace are added to the due date to arrive at the maturity date. The concept of a due date will aid you in better comprehending the maturity of a bill.
It is made up of the terms listed below:
1. Bill at Sight: This form of bill must be paid on the spot.
2. Bill after Sight: The due date for this form of bill is computed by adding the date the debtor accepts the bill to the period specified in the bill's terms. Add three days to the due date to get the maturity date.
3. Bill after Date: In this case, the due date is computed by adding the date on which the bill was drawn to the period specified in the bill's provisions. The maturity date is obtained by multiplying the due date by three days.
4. Exceptions to bill maturity: If the bill's due date falls on a national holiday (such as Independence Day) or on a Sunday, the bill's due date is counted one day earlier than the original date, and if the due date falls on an emergency holiday (such as a nationwide strike), the bill's due date is counted one day later.
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3. The unconditional promise to pay must be included in a bill of exchange. Do you agree with the following statement?
An unconditional order to pay is one of the most important features of a negotiable instrument. The drawee is not allowed to impose any restrictions, such as requiring payment only if creditors pay or the firm generates a profit.
For the following reasons, a bill of exchange must include an unequivocal order to pay:
To avoid any potential controversy throughout the payment process.
To bind the debtor to pay the obligation and to offer security to the creditor.
To adhere to the 1881 Negotiable Instruments Act.
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