Bills of Exchange Test 16

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Bills of Exchange Test 16

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Weekly Quiz Competition

Question 1
1 / -0

Protest is a certified issued by notary for registration of ___________.

A
dishonour of a bill of exchange

B
renewal of a bill of exchange

C
confirmation payment of a bill of exchange

D
confirmation of death of the drawee
Question 2
1 / -0

All instruments which are not...... instrument are foreign bills.

A
inland

B
trade

C
accommodation

D
crossed
Question 3
1 / -0

X consigned $$500$$ boxes Cherry Costing Rs. $$500$$ per box to Y. He incurred Rs. $$5,500$$ towards transportation and insurance. Y paid Rs. $$1,000$$ as transportation from port to his godown, Rs. $$300$$ godown insurance Rs. $$200$$ godown rent and Rs. $$1,000$$ as salesman's commission. Due to weather conditions $$50$$ boxes were totally spoiled in transit which is considered a normal loss. Find the value of closing stock if Y sold $$400$$ boxes @ Rs. $$600$$ per box.

A
Rs. $$28,500$$

B
Rs. $$21,899$$

C
Rs. $$25,722$$

D
Rs. $$23,210$$
Question 4
1 / -0

When Bills Receivable is returned dishonoured by the drawee, which of these a/c's is credited by the drawer.

A
Drawee A/c

B
Bank A/c

C
BP A/c

D
BR A/c
Question 5
1 / -0

On 1st April X received a cheque of Rs.5,000, which was banked only on 3rd April. On 1st April the amount of Rs.5,000 will be recorded in ......

A
Cash column of cash book Dr. side

B
Bank column of cash book Dr. side

C
Either (a) or (b)

D
Nowhere
Question 6
1 / -0

Commission on consignment belongs to .

A
Consignor

B
Consignee and Consignor

C
Consignee

D
None
Question 7
1 / -0

Which of these is an essential feature of a valid consideration.

A
It should be reasonableness

B
It should be at the desire or request of the promisor

C
It should be at the instance of the promisee

D
It must be definite
Question 8
1 / -0

Rs. 1000 note is a ..

A
Bill of exchange

B
Undertaking

C
Promissory note

D
Hundy
Question 9
1 / -0

When a Bill of Exchange is discounted by the drawer, what entry is passed by the drawee of the bill of exchange

A
Dr Bills receivables and credit bank A/c

B
Dr Bank a/c and credit BR a/c

C
No entry at all

D
Cash Dr and Drawee Credit
Question 10
1 / -0

Bill of exchange are drawn by.......... and accepted by.

A
Creditor, Debtors

B
Bankers, creditors

C
Creditors, bankers

D
Banker, debtors

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Bills of Exchange Test 16

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Bills of Exchange Test 16

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SHARING IS CARING

Question 1

dishonour of a bill of exchange

renewal of a bill of exchange

confirmation payment of a bill of exchange

confirmation of death of the drawee

Question 2

inland

trade

accommodation

crossed

Question 3

Rs. $$28,500$$

Rs. $$21,899$$

Rs. $$25,722$$

Rs. $$23,210$$

Question 4

Drawee A/c

Bank A/c

BP A/c

BR A/c

Question 5

Cash column of cash book Dr. side

Bank column of cash book Dr. side

Either (a) or (b)

Nowhere

Question 6

Consignor

Consignee and Consignor

Consignee

None

Question 7

It should be reasonableness

It should be at the desire or request of the promisor

It should be at the instance of the promisee

It must be definite

Question 8

Bill of exchange

Undertaking

Promissory note

Hundy

Question 9

Dr Bills receivables and credit bank A/c

Dr Bank a/c and credit BR a/c

No entry at all

Cash Dr and Drawee Credit

Question 10

Creditor, Debtors

Bankers, creditors

Creditors, bankers

Banker, debtors

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Question Analysis

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