Rajeev drew a bill on Vaibhav on 12th May for Rs. 20,000 payable 3 months after the date. The bill was accepted on 16th May. The date of maturity will be

If a bill is payable after sight, then the number of days are counted from the date of accepting it but if it is payable after date, then the days are counted from the date of drawing. Thus, in this case, the days will be counted from 12th May and 3 months after the date would be 12th August + 3 days of grace. Thus the bill becomes due on 15th August which is a public holiday. In such case, the bill is payable one day before i.e. 14th August. In case of a sudden holiday, the bill is payable on the next working day.