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Bills of Exchange Test 20

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Bills of Exchange Test 20
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Following are the persons NOT involved in bill of exchange.
  • Question 2
    1 / -0
    A bills of exchange not covered under negotiable Act. are _______.
  • Question 3
    1 / -0
    Every Promises and set of Promises forming the consideration for each other is an
  • Question 4
    1 / -0
    On $$1.1.2018, X$$ draws a bill on $$Y$$ for $$Rs. 20,000$$ for $$3$$ months maturity date of the bill will be ________.
  • Question 5
    1 / -0
    On $$16.6.2019\ X$$ draws a bill on $$Y$$ for $$Rs. 25,000$$ for $$30$$ days. $$19th$$ July is a public holiday, maturity date of the bill will be: ________.
    Solution
    $$30$$ days from $$16.6.2019$$ ends on $$16.7.2019 + 3$$ grace days; hence date of maturity $$19.7.2019$$ but since $$17.7.2019$$ is public holiday due date will be preceding business day $$18.7.2019$$.
  • Question 6
    1 / -0
    A negotiable instrument dated the $$31st\ August, 2019$$, is made payable $$3$$ months after date. The instrument is at maturity on ________.
    Solution
    Here, the cheque is payable after three months and adding the three days grace which makes the maturity date to be 31st August 2019 + 3 months + 3 days i.e. 3rd December 2019.
    Therefore, the Maturity date for the instruments is 3rd December 2019.
  • Question 7
    1 / -0
    A person who is ordered to pay the amount to bill of exchange is known as:
  • Question 8
    1 / -0
    X sent out 4,000 boxes costing 100 each with the instruction that sales are to be made at cost +45%. X drew a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be:
    Solution
    Cost of goods sold = 4000*100
                                     = 400000
    Goods are to be sold at 45%+on cost = 400000 + 45%
                                                                    = 580000
    Hence, the amount of bill will be = 580000*60/100
                                                            = 348000
  • Question 9
    1 / -0
    If an instrument be negotiated by means of a forged endorsement, the endorsee acquires no title even though he be a purchaser for value and in good faith, for the endorsement is a nullity.
  • Question 10
    1 / -0
    X sold goods to Y for $$ 2,00,000 $$ Y paid cash 50,000. X will grant 2% discount on balance, and Y requests X to draw a bill for balance, the amount of bill will be:
    Solution

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