Bills of Exchange Test 10

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Bills of Exchange Test 10

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Weekly Quiz Competition

Question 1
1 / -0

In question No.25 above find the total profit on consignment if the consignee expenses amounted to Rs.8000

A
Rs.30,000

B
Rs.28,000

C
Rs.25,000

D
Rs.38,000
Question 2
1 / -0

Which of these account is not a nominal A/c

A
Consignment A/c

B
Joint Bank A/c

C
Joint Venture A/c

D
Realization A/c
Question 3
1 / -0

When Bills receivable is returned dishonoured by the drawee, which of the these A/c is debited by the drawee.

A
Drawee A/c

B
Bank A/c

C
BP A/c

D
BR A/c
Question 4
1 / -0

$$A$$ of Agra sent goods costing Rs. $$45,000$$ to $$B$$ of Baroda at cost plus $$33$$%. $$1/5$$ of the goods were lost in transit and $$2/3$$rd of the remaining were sold at a profit of $$20$$% on invoice price. Find the value of sales-

A
Rs. $$54,500$$

B
Rs. $$60,000$$

C
Rs. $$57,600$$

D
Rs. $$55,000$$
Question 5
1 / -0

$$X$$ sent some goods to $$Y$$ to be sold on consignment basis. $$2/3$$rd of the goods costing Rs. $$70,000$$ were sold at Rs. $$90,000$$. Find the value of goods lying with consignee

A
Rs. $$105,000$$

B
Rs. $$35,000$$

C
Rs. $$70,000$$

D
Rs. $$125,000$$
Question 6
1 / -0

Goods lying with the consignee are shown under............

A
Closing stock

B
Work in progress

C
Stock in transit

D
Suspense A/c
Question 7
1 / -0

...........is the date on which a bill falls due for payment.

A
Settlement date

B
Maturity date

C
Payment date

D
Due date
Question 8
1 / -0

X draws 3 months bill of exchange for Rs 25000 upon Y on 23-10-13 find the due date of the bill

A
27-01-14

B
25-01-14

C
26-01-14

D
23-01-14
Question 9
1 / -0

Till the discounted Bill Receivables is paid by the drawee it remains a _________.

A
Clear liability

B
Contingent asset

C
unearned income

D
Contingent liability
Question 10
1 / -0

Which of these is not an essential requirement of a valid bill of exchange?

A
Acceptance

B
Writing

C
Specific sum payable

D
Crossing

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Question Analysis

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Bills of Exchange Test 10

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Bills of Exchange Test 10

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SHARING IS CARING

Question 1

Rs.30,000

Rs.28,000

Rs.25,000

Rs.38,000

Question 2

Consignment A/c

Joint Bank A/c

Joint Venture A/c

Realization A/c

Question 3

Drawee A/c

Bank A/c

BP A/c

BR A/c

Question 4

Rs. $$54,500$$

Rs. $$60,000$$

Rs. $$57,600$$

Rs. $$55,000$$

Question 5

Rs. $$105,000$$

Rs. $$35,000$$

Rs. $$70,000$$

Rs. $$125,000$$

Question 6

Closing stock

Work in progress

Stock in transit

Suspense A/c

Question 7

Settlement date

Maturity date

Payment date

Due date

Question 8

27-01-14

25-01-14

26-01-14

23-01-14

Question 9

Clear liability

Contingent asset

unearned income

Contingent liability

Question 10

Acceptance

Writing

Specific sum payable

Crossing

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Question Analysis

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