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Bills of Exchange Test 14

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Bills of Exchange Test 14
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Weekly Quiz Competition
  • Question 1
    1 / -0
    If the act has been done before any promise is made, it is called ..
  • Question 2
    1 / -0
    X consigned $$1,000$$ Kg of Apples costing Rs. $$100$$ per kg to Y. X incurred Rs. $$6,500$$ towards transportation and insurance. Y paid Rs. $$4,000$$ as godowns rent and Rs. $$500$$ as salesman Commission. He could not realize Rs. $$5,000$$ from a customer and the amount became bad debts. During road transportation $$50$$ kg were stolen. He sold $$900$$kg @ $$150$$ per kg. Y is entitled to $$2\%$$ del credere commission. Find the value of abnormal loss.
  • Question 3
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    A draws on B a bill of exchange for $$3$$ months of Rs. $$20,000$$ which B accepts. B got it discounted with a bank at $$16\%$$. On the due date B did not honour the bill and X got it attested from the notary public on paying noting charges of Rs. $$100$$. B paid Rs. $$6,000$$ in cash and requested A to draw a fresh bill for the balance amount for next three month at $$12\%$$ interest. The new bill will be for Rs. ____________.
  • Question 4
    1 / -0
    An offer may be revoked at any time .. communication of acceptance is complete as against . But not afterward
  • Question 5
    1 / -0
    A bill of exchange is drawn by
  • Question 6
    1 / -0
    When Bills Receivable is returned dishonored by the drawee, which of these A/c is debited by the drawer
  • Question 7
    1 / -0
    From the following details calculate overriding commission payable to a consignment.
    Invoice price of the goods sold Rs. $$200,000$$
    Selling price of the goods sold Rs. $$280,000$$
    Overriding commission is payable @ $$5\%$$ of the excess of selling price over invoice price.
  • Question 8
    1 / -0
    For bearing loss on account of bad debts, the consignment agent is allowed _________.
  • Question 9
    1 / -0
    When Bills Receivable is returned dishonored by the drawer, which of these a/c is credited by the drawer
  • Question 10
    1 / -0
    Which of the following option is not available to the drawer of bill of exchange
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