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# MCQ - Bills of Exchange and Promissory Notes (Part - 5) CA Foundation Notes | EduRev

## CA Foundation : MCQ - Bills of Exchange and Promissory Notes (Part - 5) CA Foundation Notes | EduRev

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Bills of Exchange and
Promissory Notes-Part 5/6
CPT Section A Fundamentals of
Accountancy Chapter 7 Unit 3
CA. Ajay Lunawat
Page 2

Bills of Exchange and
Promissory Notes-Part 5/6
CPT Section A Fundamentals of
Accountancy Chapter 7 Unit 3
CA. Ajay Lunawat
Question No 1
The purpose of accommodation bill is:
(a) To finance actual purchase or sale of goods
(c) When both parties are in need of funds
(d) None of the above
Page 3

Bills of Exchange and
Promissory Notes-Part 5/6
CPT Section A Fundamentals of
Accountancy Chapter 7 Unit 3
CA. Ajay Lunawat
Question No 1
The purpose of accommodation bill is:
(a) To finance actual purchase or sale of goods
(c) When both parties are in need of funds
(d) None of the above
Question No 2
A draws a bill on B for Rs. 4,500 for mutual
accommodation in the ratio 2:1. A got it discounted at
Rs. 4,230 and remitted 1/3rd of the proceeds to B.  At
the time of maturity, how much amount A should remit
to B such that B can pay off bill?
(a) Rs. 3,000  (b) Rs. 2,880  (c) Rs. 2,920 (d) Rs. 3,010
Page 4

Bills of Exchange and
Promissory Notes-Part 5/6
CPT Section A Fundamentals of
Accountancy Chapter 7 Unit 3
CA. Ajay Lunawat
Question No 1
The purpose of accommodation bill is:
(a) To finance actual purchase or sale of goods
(c) When both parties are in need of funds
(d) None of the above
Question No 2
A draws a bill on B for Rs. 4,500 for mutual
accommodation in the ratio 2:1. A got it discounted at
Rs. 4,230 and remitted 1/3rd of the proceeds to B.  At
the time of maturity, how much amount A should remit
to B such that B can pay off bill?
(a) Rs. 3,000  (b) Rs. 2,880  (c) Rs. 2,920 (d) Rs. 3,010
Question No 3
Lara draws an accommodation bill on Sachin. The
proceeds are to be borne between Sachin and Lara in
the ratio of 3:1. The amount of bill 6000, discounting
charges 120. Discount borne by Sachin will be:
(a) 90
(b) 120
(c) 100
(d) None
Page 5

Bills of Exchange and
Promissory Notes-Part 5/6
CPT Section A Fundamentals of
Accountancy Chapter 7 Unit 3
CA. Ajay Lunawat
Question No 1
The purpose of accommodation bill is:
(a) To finance actual purchase or sale of goods
(c) When both parties are in need of funds
(d) None of the above
Question No 2
A draws a bill on B for Rs. 4,500 for mutual
accommodation in the ratio 2:1. A got it discounted at
Rs. 4,230 and remitted 1/3rd of the proceeds to B.  At
the time of maturity, how much amount A should remit
to B such that B can pay off bill?
(a) Rs. 3,000  (b) Rs. 2,880  (c) Rs. 2,920 (d) Rs. 3,010
Question No 3
Lara draws an accommodation bill on Sachin. The
proceeds are to be borne between Sachin and Lara in
the ratio of 3:1. The amount of bill 6000, discounting
charges 120. Discount borne by Sachin will be:
(a) 90
(b) 120
(c) 100
(d) None
Question No 4
A drew a bill on B for Rs. 50,000 for 3 months.
Proceeds are to be shared equally. A got the bill
discounted at 12% p.a. and remits required
proceeds to B. The amount of such remittance will
be:
a) Rs. 24,250
b) Rs.
25,000
c) Rs.
16,167
d) Rs.
32,333
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## Fundamentals of Accounting for CA CPT

39 videos|143 docs|85 tests

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