Bill of Exchange Test

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Bill of Exchange Test - 32

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Weekly Quiz Competition

Question 1
1 / -0

All instruments which are not...... instrument are foreign bills.

A
inland

B
trade

C
accommodation

D
crossed
Question 2
1 / -0

Which of the following is a foreign Bill.

A
A bill of exchange drawn outside India and payable outside India

B
A bill of exchange drawn outside India am payable in India

C
A bill of exchange drawn outside India on person resident outside India

D
All the three
Question 3
1 / -0

When Bills Receivable is returned dishonoured by the drawee, which of these a/c's is credited by the drawer.

A
Drawee A/c

B
Bank A/c

C
BP A/c

D
BR A/c
Question 4
1 / -0

X draw a bill of exchange on Y for Rs. 20,000 payable in 3 months. On the due date Y could not make the payment and Y got it notified from the Notary public on payment of noting charges of Rs. 100. Y requested him to draw a fresh bill for another two month at 12% interest p.a. The amount of fresh bill will be

A
Rs. 20502

B
Rs. 20500

C
Rs. 20600

D
Rs. 20000
Question 5
1 / -0

Which of these are not essential elements of the representation

A
Material fact

B
Intention to cheat

C
Representation to be wrong

D
None of these
Question 6
1 / -0

A __________ is a Bill of exchange drawn on a specific bank and not expressed to be payable otherwise than on demand.

A
Cheques

B
Bill receivable

C
Promissory note

D
Hundi
Question 7
1 / -0

Protest is a certified issued by notary for registration of ___________.

A
dishonour of a bill of exchange

B
renewal of a bill of exchange

C
confirmation payment of a bill of exchange

D
confirmation of death of the drawee
Question 8
1 / -0

When a Bill of Exchange is discounted by the drawer, what entry is passed by the drawee of the bill of exchange

A
Dr Bills receivables and credit bank A/c

B
Dr Bank a/c and credit BR a/c

C
No entry at all

D
Cash Dr and Drawee Credit
Question 9
1 / -0

On receipt of goods sent on consignment what entry is passed by the consignee.

A
Dr Goods A/c, Credit Consignor A/c

B
Dr Consignment A/c, Credit Goods A/c

C
No entry at all

D
Dr Purchase A/c, Credit consignment a/c
Question 10
1 / -0

X consigned $$500$$ boxes Cherry Costing Rs. $$500$$ per box to Y. He incurred Rs. $$5,500$$ towards transportation and insurance. Y paid Rs. $$1,000$$ as transportation from port to his godown, Rs. $$300$$ godown insurance Rs. $$200$$ godown rent and Rs. $$1,000$$ as salesman's commission. Due to weather conditions $$50$$ boxes were totally spoiled in transit which is considered a normal loss. Find the value of closing stock if Y sold $$400$$ boxes @ Rs. $$600$$ per box.

A
Rs. $$28,500$$

B
Rs. $$21,899$$

C
Rs. $$25,722$$

D
Rs. $$23,210$$

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Bill of Exchange Test - 32

Result

Bill of Exchange Test - 32

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SHARING IS CARING

Question 1

inland

trade

accommodation

crossed

Question 2

A bill of exchange drawn outside India and payable outside India

A bill of exchange drawn outside India am payable in India

A bill of exchange drawn outside India on person resident outside India

All the three

Question 3

Drawee A/c

Bank A/c

BP A/c

BR A/c

Question 4

Rs. 20502

Rs. 20500

Rs. 20600

Rs. 20000

Question 5

Material fact

Intention to cheat

Representation to be wrong

None of these

Question 6

Cheques

Bill receivable

Promissory note

Hundi

Question 7

dishonour of a bill of exchange

renewal of a bill of exchange

confirmation payment of a bill of exchange

confirmation of death of the drawee

Question 8

Dr Bills receivables and credit bank A/c

Dr Bank a/c and credit BR a/c

No entry at all

Cash Dr and Drawee Credit

Question 9

Dr Goods A/c, Credit Consignor A/c

Dr Consignment A/c, Credit Goods A/c

No entry at all

Dr Purchase A/c, Credit consignment a/c

Question 10

Rs. $$28,500$$

Rs. $$21,899$$

Rs. $$25,722$$

Rs. $$23,210$$

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