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Bill of Exchange Test - 1

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Bill of Exchange Test - 1
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  • Question 1
    1 / -0

    A bill of exchange is renewed at the request of

    Solution

    Explanation:

    Sometimes, the drawee shows his inability to pay the amount of bill before the date of maturity, in such cases, he requests the drawer to renew the bill.

     

  • Question 2
    1 / -0

    Bill receivable is an

    Solution

    Explanation:

    ASSETS- An asset is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.

    since bills receivable results in a future economic benefit to the entity hence it is an asset. it is shown as an asset on the balance sheet.

     

  • Question 3
    1 / -0

    If acceptor does not pay the interest charges then the amount of new bill be ____ with the amount of interest

    Solution

    Explanation:

    in the case of renewal of bill, if the acceptor doesn't pay interest then it will be included in the amount of the bill.

     

  • Question 4
    1 / -0

    The origin of bill receivable book is __

    Solution

    Explanation:

    since the journal is a book of original entry because a transaction is first recorded in the journal then it is transferred to the ledger. hence the origin of bill receivable book is the journal.

     

  • Question 5
    1 / -0

    A bill of exchange can not be

    Solution

    Explanation:

    bill of exchange is a valid evidence of debt because it is a legal document under the negotiable instrument Act, 1881.

     

  • Question 6
    1 / -0

    A bill of exchange renewed generally at the request of

    Solution

    Explanation:

    because of the inability of the drawee to pay the amount of bill he requests the drawer to substitute the old bill with a new one. this is called the renewal of the bill.

     

  • Question 7
    1 / -0

    Encashing the bill before the date of its maturity is called :

    Solution

    Explanation:

    a bill may be encashed before the maturity of the bill by presenting it to any bank. the bank shall disburse the amount of bill after deducting its charges(discounting charges).

     

  • Question 8
    1 / -0

    While calculating the due date of the bill, how many days are added to the period of the bill :

    Solution

    Explanation:

    it is a custom to add 3 days in the period of a bill to calculate due date of the bill. such 3 extra days are called days of grace.

     

  • Question 9
    1 / -0

    The promissory note should be signed by

    Solution

    Explanation:

    the promissory note should be signed by the maker of the promissory note, i.e., promisor.

     

  • Question 10
    1 / -0

    Due date of a bill of exchange drawn on 30th January, 2011 for one month will be :

    Solution

    Explanation:

    due date of the bill of exchange- 30 January 2011+ 1 month+3 days(days of grace)= 3 March 2011

    days of grace= days of grace means 3 extra days added to the period of a bill. however, days of grace are not allowed when a bill is payable on demand or at sight.

     

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