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Bills of Exchange Test 23

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Bills of Exchange Test 23
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Weekly Quiz Competition
  • Question 1
    1 / -0
    If the bill of exchange of two month's duration is accepted on 13th June its maturity date will be ____________.
    Solution
    Legal Due Date = Date of Bill + Period of Bill + 3 grace Days
    Therefore Legal Due Date = 13th june + 2 months + 3days
    = 13th Aug + 3days
    =16th Aug
  • Question 2
    1 / -0
    If the bill is drawn on 3rd July and the duration of bill is 40days, the due date of bill will be ________________.
    Solution
    Days of Bill
    Grace Days    		40
      3 
    Total Days
    Less: Remaining days    		 43


    28
    July(31-3)
     
    Aug    		15
    Being Independence Days Due will be considered on 14th August.
  • Question 3
    1 / -0
    Which of the following is not a correct statement ?
    Solution

  • Question 4
    1 / -0
    _________ can be a payee also.
    Solution
    According to Negotiable Instruments Act, 1881, a bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument. There are three parties to a bill of exchange. Drawer is the maker of the bill of exchange. A seller/creditor who is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor. The drawer after writing the bill of exchange it as a maker of the bill of exchange. The drawer can be a payee also.
  • Question 5
    1 / -0
    If the bill is drawn on 14th May and the duration of bill is 90days, the due date of bill will be ________________.
    Solution
    Days of Bill
    Grace Days    		90
      3 
    Total Days
    Less: Remaining days    		 93


    17
    May (31 -14)
     
    June


    July

    Aug    		76
    30
    46
    31
    15
    Being Independence Days Due will be considered on 14th August.
  • Question 6
    1 / -0
    S a resident of Haridwar draw a bill of exchange of $$Rs. 5000$$ upon Y payable in Rishikesh. This is a ___________.
    Solution
    A bill which is (i) drawn or made in India and also made payable in India or (ii) drawn or made in India upon any resident in India, although it may be made payable in a foreign country, is deemed to be an inland bill. 
    Example: A bill of exchange drawn in Bombay and made payable in Delhi, although the drawee may be residing outside India. Or a bill of exchange drawn in Madras on a person resident in Delhi, although it may be payable outside.
    S, a resident of Haridwar draws a bill of exchange of Rs. 5,000 upon Y payable in Rishikesh is an inland bill.
  • Question 7
    1 / -0
    If tenure of bill is 90days ,accepted on 23rd Dec 1991 its due date will be _____________.
    Solution
    Days of Bill
    Grace Days    		90
      3 
    Total Days
    Less: Remaining days    		 93


    8
    Dec 1991(31-23)
     
    Jan-92


    Feb-92

    Mar-92    		85
    31
    54
    29
    25

    29 days being a Leap Year.
  • Question 8
    1 / -0
    Which of these accounts is debited by a drawee of a bill of exchange on its discounting?
  • Question 9
    1 / -0
    Which of the following is a Foreign Bill?
    Solution
    Foreign bill is a bill of exchange drawn in one state or country and payable in another , as one arising from foreign trade operations. A bill which is not the inland bill is a foreign bill. The following types of bills are called foreign bills of exchange:
    1. A bill is drawn outside India and made payable outside India.
    2. A bill drawn outside India and made payable in India.
    3. A bill drawn outside India on any person residing outside India.
    4. A bill drawn outside India on a person residing in India.
    The foreign bills are generally drawn in 3 sets and each set is termed as a via and dispatched to the drawee in 3 different modes of mail services to avoid delay. As soon as one set of them is paid, the other two becomes inoperative.
  • Question 10
    1 / -0
    S a resident of Sydney draw a bill of exchange of $$Rs. 5000$$ upon Y payable in Tokyo. This is a __________.
    Solution
    A bill which is not an inland bill, is deemed to be a foreign bill.
    Example: A bill of exchange drawn in India, on a person residing outside India and made payable outside India.
    A bill drawn outside India and made payable in India. 
    A bill drawn outside India, on a person residing in India.
    S, a resident of Sydney draws a bill of exchange of Rs. 5,000 upon Y payable in Tokyo is an example of foreign bill.

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