Bill of Exchange Test

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Bill of Exchange Test - 33

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Weekly Quiz Competition

Question 1
1 / -0

From the following details calculate abnormal profit/loss on the stock lost in transit ____________.
Goods sent on consignment $$(100)=$$ Rs. $$90,000$$
Goods lost in transit $$(2)=$$
Insurance claim received for goods lost in transit Rs. $$2,521$$.
Goods sold by the consignee $$(80)$$ Rs. $$108,000$$
Consignor expenses Rs. $$6,020$$
Consignee expenses Rs. $$9,500$$ which includes Rs. $$5,400$$ sales commission and Rs. $$2,000$$ godown rent.

A
Rs. $$601$$ profit

B
Rs. $$601$$ loss

C
Rs. $$176$$ profit

D
Rs. $$187$$ loss
Question 2
1 / -0

Which of these is an essential feature of a valid consideration.

A
It should be reasonableness

B
It should be at the desire or request of the promisor

C
It should be at the instance of the promisee

D
It must be definite
Question 3
1 / -0

Commission on consignment belongs to .

A
Consignor

B
Consignee and Consignor

C
Consignee

D
None
Question 4
1 / -0

On 1st April X received a cheque of Rs.5,000, which was banked only on 3rd April. On 1st April the amount of Rs.5,000 will be recorded in ......

A
Cash column of cash book Dr. side

B
Bank column of cash book Dr. side

C
Either (a) or (b)

D
Nowhere
Question 5
1 / -0

Rs. 1000 note is a ..

A
Bill of exchange

B
Undertaking

C
Promissory note

D
Hundy
Question 6
1 / -0

At the time of endorsement of a bill, the drawer credits _________.

A
the drawee

B
the endorsee's personal account

C
bills receivable account

D
cash A/c

Solution

Journal entry for the endorsement of the bill
Endorsee A/c Dr. XXX
To Bill receivable A/c XXX
(Being bill is endorsed)
Therefore, C is the correct option.
Question 7
1 / -0

Bill of exchange are drawn by.......... and accepted by.

A
Creditor, Debtors

B
Bankers, creditors

C
Creditors, bankers

D
Banker, debtors
Question 8
1 / -0

When a bill is discharged, the receiver debits ___________.

A
creditor's A/c

B
cash A/c

C
bills payable A/c

D
drawer's A/c

Solution

The bill is discharged by the receiver ( drawee) , means that the he has paid his liability towards the drawer which was outstanding in his books. Now we know that a liability account would show a credit balance so, if we were to clear the same we would have to debit it. The entry for the same in his books of accounts would be as follows :
Bills payable A/c. -----------------Dr.
To Cash/Bank A/c.
Question 9
1 / -0

Mental Health Care Bill 2016 seeks to
1. Decriminalise suicide
2. Prohibit electro-convulsive therapy
3. Provide right to make Advance Directives
4. Provide for seclusion and solitary confinement in few cases

A
1, 2 and 4

B
2, 3 and 4

C
1, 2 and 3

D
All of the above
Question 10
1 / -0

Bills receivable endorsed are debited to ___________.

A
debtor's account

B
creditor's account

C
bills payable account

D
bills receivable account

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Re-Attempt Weekly Quiz Competition

Bill of Exchange Test - 33

Result

Bill of Exchange Test - 33

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SHARING IS CARING

Question 1

Rs. $$601$$ profit

Rs. $$601$$ loss

Rs. $$176$$ profit

Rs. $$187$$ loss

Question 2

It should be reasonableness

It should be at the desire or request of the promisor

It should be at the instance of the promisee

It must be definite

Question 3

Consignor

Consignee and Consignor

Consignee

None

Question 4

Cash column of cash book Dr. side

Bank column of cash book Dr. side

Either (a) or (b)

Nowhere

Question 5

Bill of exchange

Undertaking

Promissory note

Hundy

Question 6

the drawee

the endorsee's personal account

bills receivable account

cash A/c

Solution

Question 7

Creditor, Debtors

Bankers, creditors

Creditors, bankers

Banker, debtors

Question 8

creditor's A/c

cash A/c

bills payable A/c

drawer's A/c

Solution

Question 9

1, 2 and 4

2, 3 and 4

1, 2 and 3

All of the above

Question 10

debtor's account

creditor's account

bills payable account

bills receivable account

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