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Bill of Exchange Test - 40

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Bill of Exchange Test - 40
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Use the following information .

    1. X and Y enter into a joint venture sharing profits & losses in the ratio of 3:2.
    2. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales.
    3. X purchased goods for 4,00,000 and sent the same to Y. Supplier allowed a cash discount of 5%.
    4. X drew a bill on Y for an amount equivalent to 80% of the original cost of goods. X got it discounted at 3,00,000.
    5. Y sold 50% goods for 5,00,000 and paid 4,000 towards selling & administration expenses and insurance and 1,000 still outstanding. Y allowed a cash discount of 5% to a customer to whom goods were sold for 2,00,000. Bad Debts amounted to 16,000.
    6. 50% of balance goods are taken over by Y at 60% of Cost.
    7. Remaining Goods were destroyed by fire and insurance claim was received by Y to the extent of 60%.
    The profit on Joint Venture is:

  • Question 2
    1 / -0
    X got Y's acceptance on s bill drawn for Rs 1,50,000, discounted at 2 months at 12% p.a. The amount of discount will be?
  • Question 3
    1 / -0
    X drew a bill on Y for 3,000. X endorsed it to Z who endorsed it to W. The payee of the bill will be:
  • Question 4
    1 / -0
    On 1st Jan X draws a bill on Y for 1,50,000. At maturity Y requests X to draw a fresh bill for 2 months together with 12% p.a. interest. Nothing charges 500. The amount of interest will be:
  • Question 5
    1 / -0
    X sold goods to Y for $$ 2,00,000 $$ Y paid cash 50,000. X will grant 2% discount on balance, and Y requests X to draw a bill for balance, the amount of bill will be:
    Solution

  • Question 6
    1 / -0
    On 1st Jan, X drew a bill on Y for 3 month for Rs 1,50,000. On 4th March, Y pays the bill to X at 12% p.a. discount, the amount of discount will be?
    Solution
    Calculation of discount @12% p.a. for 3 months = 150000 * 12/100 * 3/12
                                                                                   = 4500
  • Question 7
    1 / -0
    X accepted a bill drawn by Y who endorsed the bill to Z. One the due date, the bill is dishonored. To record the dishonor of the bill in the books of Y, Which of the following accounts should be credited?
  • Question 8
    1 / -0
    X sold goods worth Rs 1,50,000 to Y. Y immediately accepted a bill on 1st Nov payable after 2 months. X discounted this bill @ 18% p.a. on 15th Nov. On the due date , Y failed to discharge the bill. Later on Y became insolvent and 50 paise in a rupee is recovered from Y's estate. How much amount of bad debt will be recorded in the books of X?
    Solution
    On the due date , Y failed to discharge the bills.
    And X received 50 paise in a rupee from Y's estate.
    So, Amount of bad dept can be calculated as
    150000* 50/100
    75000.
  • Question 9
    1 / -0

    Mr.Ajay draws a bill on Mr.Vijay on 1st August, 2018 for Rs. 50,000 for 3 months payable after sight. The bill was accepted on 8th August, 2018. 11th November was a sudden Holiday. Calculate due date in the above case?

    Solution

    If the due date falls on a day which is a sudden holiday, the due date shall be the following business day. In this case the due date will be: 

    Date of acceptance of the bill: 8th August, 2018
    Period:                                     3 months
    Maturity Date:                          8th November, 2018
    Grace Days:                             3 Days
    Due Date:                               12th November,2018 

  • Question 10
    1 / -0
    On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
    Solution
    In case of a Bills Payable after date, the legal due date is calculated from the date of drawing of the bill. In this case the due date will be:
    Date of Drawing bill: 1st January, 2018
    Period (Months):       3 Months
    Maturity Date:           1st April, 2018
    Days of Grace:          3 days 
    Due Date:                  4th April, 2018
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