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Bill of Exchange Test - 38

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Bill of Exchange Test - 38
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  • Question 1
    1 / -0
    The undertaking contained in a promissory note, to pay a certain sum of money is _________________.
    Solution

    A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer. Hence, option (b) is correct.

  • Question 2
    1 / -0
    $$X$$ draws a bill on $$Y$$ for $$Rs. 30,000$$ on $$1.1.2019. X$$ accepts the same on $$4.1.2019$$ for period of $$3$$ months after date. What will be the maturity date of the bill : __________.
    Solution
    $$3$$ months from $$1.1.2019$$ ends on $$31st\ March\ 2019 + 3$$ grace days; hence date of maturity $$3.4.2019$$ (When period of bill is stated in months, calculation will be in months ignoring the days in months).
  • Question 3
    1 / -0
    Mr. Amit signs on instrument in the following terms.
    (i) " I promise to pay B or order Rs $$500$$"
    (ii) " I promise to pay B Rs$$500$$, first deducting all other sums which shall be due to him."
    (iii)     " I promise to pay B Rs$$500$$ on D's death, provided D leaves one enough to pay that sum"
    Which of the following are promissory notes?
  • Question 4
    1 / -0
    Following are the persons NOT involved in bill of exchange.
  • Question 5
    1 / -0
    Every Promises and set of Promises forming the consideration for each other is an
  • Question 6
    1 / -0
    On $$1.1.2018, X$$ draws a bill on $$Y$$ for $$Rs. 20,000$$ for $$3$$ months maturity date of the bill will be ________.
  • Question 7
    1 / -0
    On $$15.8.2018, X$$ draws a bill on $$Y$$ for $$3$$ months for $$Rs. 2,000. 18th\ Nov$$. was a sudden holiday, maturity date of the bill will be: _______.
    Solution
    $$3$$ months from $$15.8.2018$$ ends on $$15.9.2018 + 3$$ grace days; hence date of maturity $$18.11.2018$$ but since $$18.11.2018$$ is sudden public holiday due date will be $$19.11.2018$$.
  • Question 8
    1 / -0
    On $$16.6.2019\ X$$ draws a bill on $$Y$$ for $$Rs. 25,000$$ for $$30$$ days. $$19th$$ July is a public holiday, maturity date of the bill will be: ________.
    Solution
    $$30$$ days from $$16.6.2019$$ ends on $$16.7.2019 + 3$$ grace days; hence date of maturity $$19.7.2019$$ but since $$17.7.2019$$ is public holiday due date will be preceding business day $$18.7.2019$$.
  • Question 9
    1 / -0
    A negotiable instrument dated the $$31st\ August, 2019$$, is made payable $$3$$ months after date. The instrument is at maturity on ________.
    Solution
    Here, the cheque is payable after three months and adding the three days grace which makes the maturity date to be 31st August 2019 + 3 months + 3 days i.e. 3rd December 2019.
    Therefore, the Maturity date for the instruments is 3rd December 2019.
  • Question 10
    1 / -0
    $$X$$ draws a bill on $$Y$$ for $$Rs. 2,50,000$$ on $$1.1.2018$$ for $$3$$ months after sight, date of acceptance is $$6.1.2018$$. Maturity date of the bill will be : __________.
    Solution
    If bill is drawn using words after sight then calculation will start from the date of acceptance. $$3$$ months from $$6.1.2018$$ comes to $$6.4.2018 + 3$$ grace days; hence date of maturity $$9.4.2018$$.
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