Test: Bills Of Exchange And Promissory - 1


30 Questions MCQ Test Principles and Practice of Accounting | Test: Bills Of Exchange And Promissory - 1


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QUESTION: 1

Mohan drew a bill on Shyam for Rs. 50,000 for 3 months. Proceeds are to be shared equally. Mohan got the bill discounted @ 12% p.a. and remits required proceeds to Shyam. The amount of such remittance will be:

Solution:

50000 × 12% ×3/12=1500=50000-1500 =48500(All partners equally)=48500/2 =24250.

QUESTION: 2

On 1st January 2006, Vimal sold goods worth Rs. 20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with, bank on 4th February 2006 @ 15% p.a. The discounting charges will be:

Solution:
QUESTION: 3

Ram drew a bill on Shyam on 15th April, 09 Shyam accepted the same on 17th April, 09 for 30 days after sight. What will be the due date of the bill?

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QUESTION: 4

On 1.8.05 X draws a bill Y “for 30 days after sight”. The date of acceptance is 8.8.05. The due date of the bill will be: 

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QUESTION: 5

A bill of Rs. 12,500 drawn by Shyam is accepted by Ram & Shyam gets its discounted @ 12% p.a. due 3 months hence. The discounting charges borne by Shyam is : 

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QUESTION: 6

Dishonour of a bill is recorded in 

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QUESTION: 7

 The purpose of Accommodation bill is 

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QUESTION: 8

If due date of a bill is a public holiday then its due date will : 

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QUESTION: 9

A draws a bill of Rs. 50,000 and B accepts it. After this, B becomes insolvent and only 40 paisa in a rupee could be recovered. What is the amount that can be recovered?

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QUESTION: 10

The Noting changes levied on dishonour of an endorsed bill by the Notary Public are to be born by: 

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QUESTION: 11

On 1stApril, A sold goods worth Rs. 10,000 to B. B drew a bill for 3 months. A discounted the bill from the bank at 15% p.a. then the amount received on account of bill will be:

Solution:
QUESTION: 12

On 1.1.2005 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X to accept Rs. 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest, amount of interest will be:

Solution:
QUESTION: 13

Bill receivable endorsed are debited to: 

Solution:
QUESTION: 14

 A draws a bill on B for Rs. 50,000 for 3 months. At maturity, the bill returned dishonoured noting charges Rs. 500. 40 paise in a rupee is recovered from B’s estate. The amount of deficiency to recoded on insolvency in books of B will be:

Solution:
QUESTION: 15

How long is the period of days of grace in cash of a bill: 

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QUESTION: 16

A bill of 12,000 was discounted by A with the banker for 11,880. At maturity, the bill returned dishonoured, noting charges Rs.20. How much amount will the bank deduct from A’s bank balance at the time of such dishonour?

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QUESTION: 17

“Bills payable discounted in cash by Creditor” will be shown in 

Solution:
QUESTION: 18

A’ draws a bill on ‘B’, but ‘B’ did not accept the same. Which of the following journal entry should be passed in the books of ‘A’. 

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QUESTION: 19

When full amount is due on any call but it is not received, then the shortfall is debited to -

Solution:
QUESTION: 20

On 1.8.05 X draw a bill on Y “ for 30 days after sight”. The date of acceptance is 8.8.05. The maturity date of the bill will be:

Solution:
QUESTION: 21

On 1.1.05 X draws a bill Y for Rs. 10,000. At maturity Y request X to renew the bill for 2 months at 12% p.a. interest. Amount of interest will be:

Solution:
QUESTION: 22

 X sold goods to Y for Rs. 1,00,000. Y paid cash Rs. 30,000. X will grant 2% discount on balance, and Y request X to draw a bill for balance, the amount of bill will be:

Solution:
QUESTION: 23

Kumar draws a bill on Rajat for Rs. 50,000 for mutual accommodation in the ratio of 3:2. Rajat accepted the bill. Kumar got it discounted for Rs. 47,500. How much money should Kumar remit to Rajat?

Solution:
QUESTION: 24

 If a machine is purchased for Rs. 5,00,000 on 1st April, 2002 on hire-purchase basis. What is the average due date, if amount is repaid in 5 yearly annual instalments starting from 1thApril, 2003

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QUESTION: 25

On 15.8.05 X draws a bill on Y for 3 months for Rs. 20,000. 18th Nov was a sudden holiday, maturity date of the bill will be:

Solution:
QUESTION: 26

 In case of sudden holiday, maturity date falls on :

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QUESTION: 27

 “Liability on account of bills discounted with Bank” will be treated as:

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QUESTION: 28

 Which of the following statements is not true?

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QUESTION: 29

Mr. A draws a bill on Mr. Y for Rs. 30,000 on 1.1.06 for 3 months. on 4.2.06. X got the bill discounted at 12% rate. The amount of discount will be:

Solution:
QUESTION: 30

X draws a bill on Y for Rs. 30,000 on 1.1.05. X accepts the same on 4.1.05. Period of the bill 3 months after date. What will be the due date of the bill:

Solution: