Bills of Exchange Test 17

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Bills of Exchange Test 17

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Weekly Quiz Competition

Question 1
1 / -0

On receipt of goods sent on consignment what entry is passed by the consignee.

A
Dr Goods A/c, Credit Consignor A/c

B
Dr Consignment A/c, Credit Goods A/c

C
No entry at all

D
Dr Purchase A/c, Credit consignment a/c
Question 2
1 / -0

Bills receivable endorsed are debited to ___________.

A
debtor's account

B
creditor's account

C
bills payable account

D
bills receivable account
Question 3
1 / -0

When a Bill of Exchange is endorsed by the drawer in favour of third party, what entry is passed by the drawee of the bill of exchange

A
Dr Bills receivables and third partys A/c

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

C
No entry at all

D
Drawer a/c debit and credit third partys A/c
Question 4
1 / -0

From the following details calculate abnormal profit/loss on the stock lost in transit ____________.
Goods sent on consignment $$(100)=$$ Rs. $$90,000$$
Goods lost in transit $$(2)=$$
Insurance claim received for goods lost in transit Rs. $$2,521$$.
Goods sold by the consignee $$(80)$$ Rs. $$108,000$$
Consignor expenses Rs. $$6,020$$
Consignee expenses Rs. $$9,500$$ which includes Rs. $$5,400$$ sales commission and Rs. $$2,000$$ godown rent.

A
Rs. $$601$$ profit

B
Rs. $$601$$ loss

C
Rs. $$176$$ profit

D
Rs. $$187$$ loss
Question 5
1 / -0

At the time of drawing a bill, the drawer credits _____________.

A
debtor's A/c

B
creditor's A/c

C
bills receivable A/c

D
bills payable A/c

Solution

A bill of exchange is generally drawn by the creditor (drawer) upon his debtor (drawee). It has to be accepted by the drawee (debtor). The journal entry made by the drawer includes a debit to the ‘Bills Receivable A/c’ and a credit to the ‘Debtor’s A/c’
Question 6
1 / -0

Mental Health Care Bill 2016 seeks to
1. Decriminalise suicide
2. Prohibit electro-convulsive therapy
3. Provide right to make Advance Directives
4. Provide for seclusion and solitary confinement in few cases

A
1, 2 and 4

B
2, 3 and 4

C
1, 2 and 3

D
All of the above
Question 7
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 sent on consignment basis _________.

A
Rs. $$105,000$$

B
Rs. $$110,000$$

C
Rs. $$90,000$$

D
Rs. $$125,000$$
Question 8
1 / -0

Which of these is/are not actionable claim?

A
Bills receivables

B
Promissory note

C
Both

D
None
Question 9
1 / -0

A draws a bill on B for Rs$$5000$$. A endorsed it to C. C endorsed it to D. The payee of the bill will be ______.

A
A

B
C

C
B

D
D

Solution

Payee is a party to the bill of exchange. Payee is the person to whom the payment is to be made. The drawer of the bill himself will be the payee if he keeps the bill with him till the date of its payment. The payee may change in the following situations:
(a) In case the drawer has got the bill discounted, the person who has discounted the bill will become the payee.
(b) In case the bill is endorsed in favour of a creditor of the drawer, the creditor will become the payee.
In this case, D is the payee of the bill.
Therefore, D is the correct option.
Question 10
1 / -0

On 1.1.05 X draws a bill on Y for Rs. 20,000 for 3 months. At maturity Y requests X to renew the bill for 2 months at 12% p.a interest. Amount of interest will be _________.

A
Rs. 400

B
Rs. 300

C
Rs. 360

D
Rs. 380

Solution

Calculation of Interest
Interest = 20000 x (12/100) x (2/12)
= Rs. 400
Therefore, A is the correct option.

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Bills of Exchange Test 17

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Bills of Exchange Test 17

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SHARING IS CARING

Question 1

Dr Goods A/c, Credit Consignor A/c

Dr Consignment A/c, Credit Goods A/c

No entry at all

Dr Purchase A/c, Credit consignment a/c

Question 2

debtor's account

creditor's account

bills payable account

bills receivable account

Question 3

Dr Bills receivables and third partys A/c

Dr Bank a/c and credit BR a/c

No entry at all

Drawer a/c debit and credit third partys A/c

Question 4

Rs. $$601$$ profit

Rs. $$601$$ loss

Rs. $$176$$ profit

Rs. $$187$$ loss

Question 5

debtor's A/c

creditor's A/c

bills receivable A/c

bills payable A/c

Solution

Question 6

1, 2 and 4

2, 3 and 4

1, 2 and 3

All of the above

Question 7

Rs. $$105,000$$

Rs. $$110,000$$

Rs. $$90,000$$

Rs. $$125,000$$

Question 8

Bills receivables

Promissory note

Both

None

Question 9

A

C

B

D

Solution

Question 10

Rs. 400

Rs. 300

Rs. 360

Rs. 380

Solution

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