Maharashtra State BoardHSC Arts 12th Board Exam
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Give Word / Term Or Phrase for the Following Statement. the Three Extra Days Which Are Allowed Over and Above the Period of the Bill. - Book Keeping and Accountancy

One Word Answer

Give word / term or phrase for the following statement.
The three extra days which are allowed over and above the period of the bill.

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Solution

Days of grace
Explanation: The date on which the payment of the bill becomes due is called the due date or the date of maturity. While calculating the due date, it is necessary to add three days to the period of the bill. These three days are known as 'days of grace'.

Concept: Important Terms of Bills of Exchange - Days of Grace
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