Bill of Exchange Test

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Bill of Exchange Test - 13

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Question 1
1 / -0

Everything mentioned below is required to make the endorsement complete EXCEPT:

A
The holder signs on the face or back of the instrument

B
The instrument is delivered to the endorsee

C
It is sighed and delivered with intention of vesting of the endorsee with the rights of the holder

D
It is sighed and delivered with intention of vesting the endorsee with the duties of the holder
Question 2
1 / -0

In case a cheque is dishonored than a drawer is liable to a punishment of

A
$$2$$ years imprisonment

B
The case is decided as per court

C
Fine which may exceed to twice the amount of the cheque

D
Both a & c
Question 3
1 / -0

A negotiable instrument dated $$31st$$ January, $$2019$$, is made payable at one months after date. The instrument is at maturity on ___________.

A
$$31st\ January, 2019$$

B
$$28th\ February, 2019$$

C
$$3rd\ March, 2019$$

D
$$1st\ March, 2019$$

Solution

One month after date of $$31st\ January, 2019$$ is $$28th\ Feb, 2019 + 3$$ grace days; hence date of maturity $$3rd\ March, 2019$$.
Question 4
1 / -0

Ram ordered 6 black toys and some additional brown toys. The price of a black toy is $$\displaystyle 2\frac{1}{2}$$ times that of a brown toy While preparing the bill the clerk interchanged the number of black toys with the number of brown toys which increased the bill by 45% The number of brown toys is

A
8

B
6

C
15

D
12

Solution

$$\Rightarrow$$ Assume that the price of 1 brown toy $$=$$ Rs. $$100$$
$$\Rightarrow$$ So, the price of 1 black toy $$=$$ Rs. $$250$$
$$\Rightarrow$$ Assume that the number of brown toys be $$x$$
$$\Rightarrow$$ Actual price of all the toys $$=6\times 250+x\times 100=1500+100x$$
$$\Rightarrow$$ Faculty price of all the toys $$=x\times250+6\times 100=600+250x$$
$$\Rightarrow$$ Given that,
$$\Rightarrow$$ $$600+250x=\dfrac{145}{100} \times (1500+100x)$$
$$\Rightarrow$$ By solving, we get
$$\Rightarrow$$ $$x=15$$
$$\therefore$$ The number of brown toys are $$15$$.
Question 5
1 / -0

Directions For Questions

Ram sold goods to shyam for Rs. $$30,000$$ at credit on 1st April, $$2011$$. Ram discounted the bill with his bank on 4th May $$2011 @ 9\%$$ per annum.

...view full instructions

Find the amount of discounting charges (in Rs).

A
$$400$$

B
$$500$$

C
$$450$$

D
$$600$$

Solution

Discounting Charges = Amount of Bill Discounted $$\times \frac{Rate}{100} \times$$ Unexpired Period
= $$3000 \times \dfrac {9 \times 2}{100}$$ = Rs. $$450$$
Question 6
1 / -0

When a bill is drawn by A on B, it is debited in the books of A to ___________.

A
Cash Account

B
B's Account

C
Bills Receivable Account

D
Bills Payable Account

Solution

A bill of exchange is drawn by the creditor upon his debtor. It has to be accepted by the drawee (debtor) or someone on his behalf. bill drawn by A (creditor) on B (debtor) in the books of A entry is recorded as under:

Bills receivable A/c Dr.
To Debtor A/c
Question 7
1 / -0

Jerry goes to the grocery store and spends $$\$ 2.25$$ for milk, $$\$ 3.59$$ for oranges, and $$\$ 3.29$$ for eggs. If he gives the cashier a $$\$ 20$$ bill, what will his change be?

A
$$\$ 9.63$$

B
$$\$ 10.28$$

C
$$\$ 10.63$$

D
$$\$ 10.87$$

E
$$\$ 11.87$$

Solution

Jerrry takes $$\$2.25$$ for milk, $$\$3.59$$ for oranges, $$\$3.29$$ for eggs.
Total amount for the products bought $$ = $ 2.25 + $ 3.59 + $ 3.29 = $ 9.13 $$
He gave $$\$20$$ bill to the cashier.
Thus, changed received $$ = $ 20 - $ 9.13 = $ 10.87 $$
Question 8
1 / -0

When a bill drawn by A on B, is endorsed to C, later which was dishonoured on the due date, it is credited in the books of A to ____________.

A
Bank account

B
Bills receivable account

C
Bank for collection of bills account

D
C's account

Solution

A bill is said to have been dishonored when the drawee fails to make the payment on the date of maturity. The journal entry for the transaction "when a bill drawn by A on B endorsed to C is dishonored on the due date" is as follows:
B's A/c............Dr.
To C's A/c
Question 9
1 / -0

When a bill drawn by A on B and retained till the date of maturity is dishonored on the due date, it is debited in the books of A to ____________.

A
Bills receivable account

B
B's account

C
Bills payable account

D
Cash account

Solution

A bill is said to have been dishonoured when the drawee fails to make the payment on the date of maturity. The journal entry for this type of transaction is as follows:
B's A/c Dr.
To Bills receivable A/c
Question 10
1 / -0

Bills are drawn by ___________.

A
Creditors

B
Debtors

C
Agent

D
Brokers

Solution

A bill of exchange is generally drawn by the creditor upon his debtor. It has accepted by the drawee (debtor) or someone on his behalf. A seller/creditor who is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor.

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Bill of Exchange Test - 13

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Bill of Exchange Test - 13

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SHARING IS CARING

Question 1

The holder signs on the face or back of the instrument

The instrument is delivered to the endorsee

It is sighed and delivered with intention of vesting of the endorsee with the rights of the holder

It is sighed and delivered with intention of vesting the endorsee with the duties of the holder

Question 2

$$2$$ years imprisonment

The case is decided as per court

Fine which may exceed to twice the amount of the cheque

Both a & c

Question 3

$$31st\ January, 2019$$

$$28th\ February, 2019$$

$$3rd\ March, 2019$$

$$1st\ March, 2019$$

Solution

Question 4

8

6

15

12

Solution

Question 5

$$400$$

$$500$$

$$450$$

$$600$$

Solution

Question 6

Cash Account

B's Account

Bills Receivable Account

Bills Payable Account

Solution

Question 7

$$\$ 9.63$$

$$\$ 10.28$$

$$\$ 10.63$$

$$\$ 10.87$$

$$\$ 11.87$$

Solution

Question 8

Bank account

Bills receivable account

Bank for collection of bills account

C's account

Solution

Question 9

Bills receivable account

B's account

Bills payable account

Cash account

Solution

Question 10

Creditors

Debtors

Agent

Brokers

Solution

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