Bill of Exchange Test

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Bill of Exchange Test - 30

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Weekly Quiz Competition

Question 1
1 / -0

X draw a bill of exchange on Y for Rs. 25,000 for 3 months on 10-10-13. What is the due date of this bill of exchange

A
13th Jan 14

B
14th Jan 14

C
15th Jan 14

D
16th Jan 14
Question 2
1 / -0

At the time of payment of a BP on the maturity date, the drawee of a bill of exchange debits

A
Bill receivables A/c

B
Bills payable A/c

C
Drawer A/c

D
Cash A/c
Question 3
1 / -0

When Bills Receivable is returned dishonored by the drawee, which of these A/c is debited by the drawer

A
Drawee A/c

B
Bank A/c

C
BP A/c

D
BR A/c
Question 4
1 / -0

A bill of exchange is drawn by

A
Drawer

B
Drawee

C
Payee

D
Endorsee
Question 5
1 / -0

If a bill of exchange is returned dishonoured, the first thing the drawer to do is to?

A
Lodge a FIR

B
Go to notary public for getting it noted

C
Stop business dealing with the drawee

D
All the three
Question 6
1 / -0

A accepted a bill of exchange promising to pay Rs. $$50,000$$ to B after $$3$$ months, B forged it for Rs. $$50,000$$ after two months. A is liable to pay ___________.

A
Rs. $$50,000$$ after two months

B
Rs. $$50,000$$ after three months

C
Nothing at all

D
Rs. $$50,000$$ after two months
Question 7
1 / -0

When a BR is dishonoured, Bills receivable a/c is debited by.....

A
Face value of the bill

B
Maturity value of the BR

C
Maturity value plus interest

D
Maturity value plus interest plus noting charges
Question 8
1 / -0

If the act has been done before any promise is made, it is called ..

A
Present consideration

B
Past consideration

C
Future consideration

D
Executory consideration
Question 9
1 / -0

X consigned $$1,000$$ Kg of Apples costing Rs. $$100$$ per kg to Y. X incurred Rs. $$6,500$$ towards transportation and insurance. Y paid Rs. $$4,000$$ as godowns rent and Rs. $$500$$ as salesman Commission. He could not realize Rs. $$5,000$$ from a customer and the amount became bad debts. During road transportation $$50$$ kg were stolen. He sold $$900$$kg @ $$150$$ per kg. Y is entitled to $$2\%$$ del credere commission. Find the value of abnormal loss.

A
Rs. $$5,589$$

B
Rs. $$5,325$$

C
Rs. $$6,070$$

D
Rs. $$5,890$$
Question 10
1 / -0

All instruments which are not instrument are foreign bills.

A
accommodation

B
Inland

C
trade

D
crossed

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Bill of Exchange Test - 30

Result

Bill of Exchange Test - 30

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SHARING IS CARING

Question 1

13th Jan 14

14th Jan 14

15th Jan 14

16th Jan 14

Question 2

Bill receivables A/c

Bills payable A/c

Drawer A/c

Cash A/c

Question 3

Drawee A/c

Bank A/c

BP A/c

BR A/c

Question 4

Drawer

Drawee

Payee

Endorsee

Question 5

Lodge a FIR

Go to notary public for getting it noted

Stop business dealing with the drawee

All the three

Question 6

Rs. $$50,000$$ after two months

Rs. $$50,000$$ after three months

Nothing at all

Rs. $$50,000$$ after two months

Question 7

Face value of the bill

Maturity value of the BR

Maturity value plus interest

Maturity value plus interest plus noting charges

Question 8

Present consideration

Past consideration

Future consideration

Executory consideration

Question 9

Rs. $$5,589$$

Rs. $$5,325$$

Rs. $$6,070$$

Rs. $$5,890$$

Question 10

accommodation

Inland

trade

crossed

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