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Bill of Exchange Test - 7

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Bill of Exchange Test - 7
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  • Question 1
    1 / -0

    Mohan sold goods to Suraj for Rs.20000 and draw a bill upon Suraj for the same amount which is payable after 4 months. Mohan retain the bill for 4 months. Who is Mohan

    Solution

    drawer: - the person who draws/writes/makes the bill of exchange is called drawer. he is actually a creditor(seller of goods) or who granted credited to the person on whom the bill exchange is drawn.

       in the given case Mohan has drawn bill hence Mohan is a drawer.

  • Question 2
    1 / -0

    A bill of exchange for Rs.25000 is drawn by A on B on 1st April, 2011 for 3 Months. B accepted the bill on 10th April, 2011.Find the DUE DATE and DATE OF MATURITY if The bill is Bill After date

    Solution

    Due date of bill:- 1 April 2011+3 months+3(days of grace)=4 July 2011

      Bill after date: these are those bills in which period is counted from the bill of drawing.

  • Question 3
    1 / -0

    A bill of exchange for Rs.25000 is drawn by A on B on 1st April, 2011 for 3 Months. B accepted the bill on 10th April, 2011.Find the DUE DATE and DATE OF MATURITY if The bill is Bill After date The bill is Bill After Sight

    Solution

    Due date of bill: 10 April 2011+3 months+ 3 days(days of grace)=13 July 2011

       Bills after sight: these are those bills in which period of the bill is counted from the date of acceptance.

  • Question 4
    1 / -0

    On 1st April 2011, Rohan sold goods to Shyam for Rs.30,000 on credit against his acceptance for 3 months. Rohan discounted the bill with his bank on 4th May 2011 @ 9% per annum. Find out the amount of discounting charges.

    Solution

    Discounting charges = 30000 × 9/100 × 2/12 = Rs.450

  • Question 5
    1 / -0

    A bill of Rs.5000 was drawn by Amit ob Bhanu on 12/04/2012 for 4 months. Compute the date of maturity if all of sudden 14th August is declared as emergent holiday

    Solution

    Due date of bill: 12/04/2012+4months+3 days= 15 August 2012

    since 15 August is independence day and 14 August is a sudden holiday has the due date will be on 16 August 2012.

  • Question 6
    1 / -0

    A retires a bill for Rs.1000 drawn on him by B for Rs. 10 rebate. By what amount cash amount should be debited in the account of B

    Solution

    journal entry in the books of B:

    bills payable A/C    Dr         1000

        To cash/bank A/C                        990

         To rebate A/C                               10

    (being amount paid before due date and availed discount)

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