Discounting of Bills
Discounting of Bills
When the bill is taken to a bank and the necessary
cash is received, the act is known as discounting. The bank will always deduct
a small sum depending upon the rate of interest and the period of maturity.
Maturity of a promissory note or bill of
exchange: "The maturity of a promissory note or bill of exchange is
the date at which it falls due." A promissory note or a bill of exchange
may be payable:-
a) On demand; or
b) On a specified date, or
c) After a specified period.
In the first case amount is payable on the instrument, when the demand is made.
In the second case, payment can be claimed on a specified date. In the third
case, date of maturity has to be calculated. Every instrument, payable
otherwise than 'on demand' is entitled to three days of grace.
The following instruments are not
entitled to 'days of grace'.
(a) A cheque
(b) A bill or note payable 'at sight' or on presentment' or 'on demand',
(c) A bill or note in which no time is mentioned.
The following instruments are entitled
to 'days of grace':
(a) A bill or note payable on a specified day,
(b) A bill or note payable 'after sight,
(c) A bill or note payable at a certain period after date,
(d) A bill or note payable at a certain period after the happening of a certain
event.
Join
COC Education, We provided best video classes for CA/CMA/CS/Class 11th &
12th/ B.com/M.com
Contact us on- 9999631597,
8448322142, 7303445575
Visit YouTube Channel CA/CMA SANTOSH KUMAR
Click Now for Demo Video www.coceducationDEMOLECTURE.com
Join WhatsApp group for your domain course whatsapp.coceducation.com
ENROLLED WITH US TODAY AND
ENLIGHTEN YOUR CAREER!!!
Related Courses
Top Reviews
Introduction to Statistics for CA Foundation
Introduction to Statistics for CA Foundation Business Mathematics, Logical Reasoning and Statistics is designed as per latest CA Foundation syllabus for Paper 3 to provide a firm grounding in the principles, techniques and practice. The book adopts self-study approach and has been written in student-friendly manner. With a blend of conceptual learning and problem-solving approach, it offers in-depth understanding of the basic mathematical and statistical tools. #introductiontostatistics
Chapter X of Companies Act 2013
Chapter X of Companies Act 2013 The company shall place the matter relating to such appointment for ratification by members at every annual general meeting. ... Under the Act, the provisions for rotation of auditors in the listed Company & certain other class of Companies, have been provided for. #chapterxofcompaniesact2013
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements
Relevant sections under the Companies Act, 2013 dealing with fraud and false statements The new parent corporate law “The Companies Act 2013” is mostly ... I am limiting my write-up to the provisions to the Act, and I request the readers to refer relevant rules, if any, before ... in the 2013 Act is the Section 447 dealing with “Punishment for fraud”. ... Section 448
What is Corporate Image
What is Corporate Image A corporate identity or corporate image is the manner in which a corporation, firm or business enterprise presents itself to the public. The corporate identity is typically visualized by branding and with the use of trademarks, but it can also include things like product design, advertising, public relations etc #WhatisCorporateImage
What is Energy Audit
What is Energy Audit An energy audit is an inspection survey and an analysis of energy flows for energy conservation in a building. It may include a process or system to reduce the amount of energy input into the system without negatively affecting the output. #whatisenergyaudit