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Bills of Exchange Test 4

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Bills of Exchange Test 4
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A bill drawn and accepted for a genuine trade transaction is termed as a(n)_________ bill.
    Solution
    Trade bill is a financial document ordering someone to pay a particular amount on a particular date against the purchase of goods.
  • Question 2
    1 / -0
    A bill of exchange is drawn by a ________.
    Solution
    Creditors are the suppliers of goods or services. Bill of exchange drawn by creditors is accepted by the business.
  • Question 3
    1 / -0
    A person who draws a bill of exchange is known as the ________.
    Solution
    Person who draws a bill of exchange is known as drawer and the person who is accepting the bill is called drawee.
  • Question 4
    1 / -0
    When a loan will be NPA?
  • Question 5
    1 / -0
    A person to whom the bill is endorsed is called _____________.
    Solution
    The Process of transferring the bill from one person to other is called Endorsement of the bill.
    The Person who transfers the bill is called the Endorser and the person to whom the bill is endorsed is called Endorsee.
  • Question 6
    1 / -0
    If the bill of exchange of two month's duration is accepted on 23rd November 1985 its maturity date will be ____________.
    Solution
    Legal Due Date = Date of Bill + Period of Bill + 3 grace Days
    Therefore Legal Due Date = 23rd Nov 1985 + 2 months + 3 Grace days
    = 23rd Jan 1986 + 3days
    =26 Jan 1986 [due to public holiday due date is considered on 25th Jan 1987]
  • Question 7
    1 / -0
    A person who endorses a bill is called an _____________.
    Solution
    The Process of Transferring the bill from one person to other is called Endorsement of the bill.
    The Person who endorses the bill is called Endorser. He is Debtor.
  • Question 8
    1 / -0
    The person in whose favor a bill is endorsed is known as _______.
    Solution
    The Process of transferring the bill from one person to other is called Endorsement of the bill.
    The person who transfers the bill is called Endorser and the person to whom the Bill is endorsed is called Endorsee.
  • Question 9
    1 / -0
    A bill drawn and accepted on 23rd November 1994 for 2 months will be due for payment on _______________.
    Solution
    Due date = 23rd November + 2 Months + 3 grace days 
                    = 26th January.
    Because, 26th January is public holiday , Due date will be its preceeding day.
    i.e. 25th Jan
  • Question 10
    1 / -0
    If the bill falls due for payment on 26th January, then the payment must be made on ____________ January.
    Solution
    When due date of Bill Falls on a Public Holiday it is paid at its Preceding Working Day.
    Therefore 26th January being a public holiday due to Republic Day of India
    Due Date considered for payment is 25th January.
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