Bill of Exchange Test

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Bill of Exchange Test - 39

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Weekly Quiz Competition

Question 1
1 / -0

X sent out 4,000 boxes costing 100 each with the instruction that sales are to be made at cost +45%. X drew a bill on Y for an amount equivalent to 60% of sales value. The amount of bill will be:

A
Rs. 3,48,000

B
Rs. 4,00,000

C
Rs. 5,80,000

D
Rs. 2,40,000

Solution

Cost of goods sold = 4000*100
= 400000
Goods are to be sold at 45%+on cost = 400000 + 45%
= 580000
Hence, the amount of bill will be = 580000*60/100
= 348000
Question 2
1 / -0

On 10th Sept. X draws a bill on Y for 25,000 for 30 days. 13th Dec. is public holiday, due date of the bill will be:

A
$$ { 11 }^{ th } $$ Dec.

B
$$ { 12 }^{ th } $$ Dec.

C
$$ { 13 }^{ th } $$ Dec.

D
$$ { 14 }^{ th } $$ Dec.
Question 3
1 / -0

If an instrument be negotiated by means of a forged endorsement, the endorsee acquires no title even though he be a purchaser for value and in good faith, for the endorsement is a nullity.

A
True

B
False

C
Partly true

D
None of above
Question 4
1 / -0

On $$18.2.2019$$ A draws a bill on $$B$$ for $$Rs. 1,25,000$$. $$B$$ accepted the bill on $$21.2.2019$$. The bill is drawn for $$30$$ days after sight. The maturity date of the bill will be : ________.

A
$$24.3.2019$$

B
$$23.3.2019$$

C
$$26.3.2019$$

D
$$21.3.2019$$

Solution

If bill is drawn using words after sight then calculation will start from the date of acceptance. $$30$$ days from $$21.2.2019$$ comes to $$23.3.2019 + 3$$ grace days; hence date of maturity $$26.3.2019$$.
Question 5
1 / -0

Noting is necessary in case of __________ of bill.

A
Transfer

B
Assignment

C
Endorsement

D
Dishonour

Solution

$$\Rightarrow$$ Noting a bill -- When a bill (draft or promissory note) has been presented for acceptance or payment and has been dishonored a note to that effect is indorsed on the bill, after which it may be formally protested.

$$\Rightarrow$$ As per section 99 of the NI Act, 1881, When a promissory note or bill of exchange ha s been dishonoured by non-acceptance or non-payment, the holder may cause such dishonour to be noted by a notary public upon the instrument, or upon a paper attached thereto, or partly upon each.
$$\therefore$$ Noting is necessary in case of Dishonour of bill
Question 6
1 / -0

If Mr. Z draws the bill of exchange for Rs $$75,000$$ on Mr. N. This transaction will be recorded by Mr.Z in ________and by Mr. N in ________.

A
Bills Receivable Book, Bills Payable Book

B
Bills Payable Book, Bills Receivable Book

C
Bills Receivable Book, Purchases Book

D
Bills Payable Book, Sales Book
Question 7
1 / -0

The term of a "bill after sight" commences ______.

A
From the date of acceptance or presentation which ever is earlier.

B
From the date of drawing a bill.

C
From the date of receipt of the accepted bill.

D
From the date of receipt of drawn bill.

Solution

Option A is correct.
"Bill after Sight" term of bill starts from the date of acceptance. When no time for payment is mentioned in the bill of exchange and the bill is payable whenever it is presented to the drawee for the payment, such bills are know as "Bill at sight" or "Bill on Demand".
Question 8
1 / -0

a bill drawn on 23.11.2013 as payable 2 months after sight was accepted on 24.11.2013. The date of maturity of this bill will be ______.

A
25. 1 .2014

B
26. 1 .2014

C
27. 1 .2014

D
None of these.
Question 9
1 / -0

On 18.2.13 A drew a bill on B for 10,000. B accepted the bill on 21.2.13. The bill is drawn for 30 days after sight. The due date of the bill will be:

A
24.3.13

B
22.3.13

C
26.3.13

D
21.3.13
Question 10
1 / -0

A person who is ordered to pay the amount to bill of exchange is known as:

A
Drawer

B
Drawee

C
Payee

D
Creditor

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Bill of Exchange Test - 39

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Bill of Exchange Test - 39

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Question 1

Rs. 3,48,000

Rs. 4,00,000

Rs. 5,80,000

Rs. 2,40,000

Solution

Question 2

$$ { 11 }^{ th } $$ Dec.

$$ { 12 }^{ th } $$ Dec.

$$ { 13 }^{ th } $$ Dec.

$$ { 14 }^{ th } $$ Dec.

Question 3

True

False

Partly true

None of above

Question 4

$$24.3.2019$$

$$23.3.2019$$

$$26.3.2019$$

$$21.3.2019$$

Solution

Question 5

Transfer

Assignment

Endorsement

Dishonour

Solution

Question 6

Bills Receivable Book, Bills Payable Book

Bills Payable Book, Bills Receivable Book

Bills Receivable Book, Purchases Book

Bills Payable Book, Sales Book

Question 7

From the date of acceptance or presentation which ever is earlier.

From the date of drawing a bill.

From the date of receipt of the accepted bill.

From the date of receipt of drawn bill.

Solution

Question 8

25. 1 .2014

26. 1 .2014

27. 1 .2014

None of these.

Question 9

24.3.13

22.3.13

26.3.13

21.3.13

Question 10

Drawer

Drawee

Payee

Creditor

User

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