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If A bill of Rs.6,395 drawn on 15th Febr...

If A bill of Rs.6,395 drawn on 15th February 2015 for 10 months was discounted on 28th May 2015 at 8% p.a. interest then legal due date is _____

A

15th December 2015

B

15th November 2015

C

18th December 2015

D

18th November 2015

Text Solution

AI Generated Solution

The correct Answer is:
To find the legal due date of a bill drawn on 15th February 2015 for 10 months, we can follow these steps: ### Step 1: Determine the Due Date The bill is drawn on 15th February 2015 for a duration of 10 months. To find the due date, we need to add 10 months to the date of drawing. - **Start Date:** 15th February 2015 - **Add 10 months:** - February (2) + 10 months = December (12) Thus, the due date is **15th December 2015**. ### Step 2: Calculate the Legal Due Date The legal due date is typically the due date plus an additional grace period of 3 days. - **Due Date:** 15th December 2015 - **Add 3 days:** - 15 + 3 = 18 Therefore, the legal due date is **18th December 2015**. ### Final Answer The legal due date is **18th December 2015**. ---
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