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Class 11 Exam > Class 11 Notes > NCERT Solution - Chapter 8 : Bills of Exchange (Part - 1)

NCERT Solution - Chapter 8 : Bills of Exchange (Part - 1) - Class 11 PDF Download

Short Answers :

Q1 : Name any two types of commonly used negotiable instruments.

Answer : The two types of commonly used negotiable instruments are:

1. Cheques

2. Bills of exchange

Q2 : Write two points of distinction between bills of exchange and promissory note.

Answer :

Basis of Difference	Bills of Exchange	Promissory Note
Drawer	It is drawn by a creditor.	It is drawn by a debtor.
Parties	There are three parties involved, namely drawer, drawee and payee.	There are two parties involved, namely maker and payee.

Q3 : State any four essential features of bill of exchange.

Answer : The four essential features of bills of exchange are:

1. It must be a written document.

2. It is an unconditional order to pay by the drawer to the drawee.

3. The maker of bill must sign it, without which it will not be a legal proof.

4. The amount to be paid along with its expiry date must be specifically mentioned (both in figures and words) in a bill of exchange.

Q4 : State the three parties involved in a bill of exchange.

Answer : The following three parties are involved in a bill of exchange.

1. Drawer who makes the bill

2. Drawee who accepts the bill

3. Payee who receives the payment

Q5 : What is meant by maturity of a bill of exchange?

Answer : Maturity of a bill means a date on which the bill is due for payment. Maturity date of the bill differs on the basis of the terms and conditions of the bill. There are three types of bill, viz. after date bill, after sight bill and at sight bill.

1. After date bill: In case of after date bill, the payment of the bill is made on the maturity date of the bill. The maturity date of the bill is ascertained by adding three days of grace period with the specified period of the bill (which starts from the date of drawing). For example, if a bill is drawn on 1st March, 2011 and payable after one month; its maturity date is 4th April. If the maturity date happens to be a gazetted holiday, then the bill is due for payment one day before. However, if the maturity date happens to be a casual holiday, then the bill is due for payment after one day.

2. After sight bill: In case of after sight bill, the payment of the bill is made on the maturity date of the bill. The maturity date of the bill is ascertained by adding three days of grace period with the specified period of the bill (which starts from the date of acceptance by the drawee). For example, if a one month bill is drawn on 1st March, 2011 and is accepted by the drawee on 5th March, 2011; its maturity date is 8th April. In this case, the date of the bill starts from 5th March and notfrom 1st March. If the maturity date happens to be a gazetted holiday, then the bill is payable one day before. However, if the maturity date happens to be a casual holiday, then the bill is payable after one day.

3. At sight bill: In case of at sight bill, the due date of the bill is considered as and when the bill is presented for payment by the holder of the bill. In this case, there is no grace period. The bill becomes due whenever it is presented for payment.

Q6 : What is meant by dishonour of a bill of exchange?

Answer : Dishonour of a bill happens when the acceptor of the bill fails to make the payment on the date of maturity of the bill. Hence, liability of the acceptor is restored. Entries made for recording dishonour of the bill of exchange are reverse of the entries of recording drawing of the bill.

In the books of drawer

Acceptor A/c	Dr.
To Bills Receivable A/c
(Bill dishonoured)

In the books of acceptor/drawee

Bills Payable A/c	Dr.
To Drawer A/c
(Bill dishonoured)

Q7 : Name the parties to a promissory note

Answer : The parties to a promissory note are given below.

1. Promissor, who makes the note and undertakes to pay the amount of promissory note.

2. Payee, who receives the payment.

Q8 : What is meant by acceptance of a bill of exchange?

Answer : A bill is drawn in favour of a person from whom the amount is due. In other words, a bill of exchange is drawn by the creditors on his/her debtors to make payment of specific amount, on a mentioned date. Generally, a bill is drawn by a seller to a purchaser. Purchaser accepts the bill for the amount due on account of the credit sales. The bill may be accepted for the amount due other than credit purchases, such as commission payable, salary outstanding, etc. A bill cannot come into existence without the acceptance of a debtor.

Q9 : What is Noting of a bill of exchange.

Answer : When a bill is presented for payment and acceptor fails to make payment, the bill gets dishonoured. In order to keep a legal proof of dishonour, the bill gets noted by the Notary public (which is approved by the government). In exchange of the Notary service, Notary public charges fees, known as Noting charges. Notary public notes the following facts:

1. Date and amount of the bill

2. Reasons for dishonour

3. Amount of Noting charges

Q10 : What is meant by renewal of a bill of exchange?

Answer : When an acceptor of a bill does not have sufficient fund to meet the obligations of the bill on time, he/she requests the drawer for extension (of time) for payment. If the drawer agrees, then a new bill is drawn which is known as renewal of bill. Generally, a bill is renewed on the condition that the drawee has to pay interest for the extended period.

Q11 : Give the performa of a Bills Receivable Book.

Answer :

Serial Numberof Bill

Date Received

Date of Bill

Received From Whom

Drawer

Acceptor

Where payable

Term

Due date

Ledger Folio

Amount

Cash Book Folio

Remarks

Q12 : Give the performa of a Bills Payable Book.

Answer :

Serial Number of Bill

Date of Bill

Given To Whom

Drawer

Payee

Payable Where

Term of Bill

Due Date

Ledger Folio

Amount Paid

Date

Cash Book Folio

Remarks

Q13 : What is retirement of a bill of exchange?

Answer : When a holder receives the amount of a bill before the maturity date on the request of the acceptor, then it is called retirement of the bill of exchange. Holder of the bill may give discount for such earlier payment. This discount is termed as 'rebate'. Entry in the books of the holder of the bill

Cash A/c	Dr.
Rebate A/c	Dr.
To Bills Receivable A/c

(Bill amount received before maturity and rebate allowed)

Entry in the books of the acceptor (drawee) of the bill

Bills Payable A/c	Dr.
To Cash A/c
To Rebate A/c
(Bill paid and received rebate for early payment)

Q14 : Give the meaning of rebate.

Answer :

If the drawee expresses his/her wish to pay the bill before the due date to the holder, and if the holder accepts his/her request, then on account of the early payment, the holder may give some discount. This discount is termed as rebate. In other words, rebate is a discount given by the holder to the drawee (or acceptor) for his/her request of early payment of the bill before the due date. It is an expense for the drawer and hence, is debited to the drawer's books. On the other hand, as it is a gain for the acceptor of bill, so it is credited in the drawee's books. Entry in the books of drawer of the bill:

Cash A/c	Dr.
Rebate A/c	Dr.
To Bills Receivable A/c
(Bill honoured before maturity)

Entry in the books of drawee of the bill:

Bills Payable A/c	Dr.
To Cash A/c
To Rebate A/c
(Bill paid and rebate received)

Q15 : Give the performa of a Bill of Exchange.

Answer : Performa of a Bill of exchange is given below.

NCERT Solution - Chapter 8 : Bills of Exchange (Part - 1) - Class 11

Long Answers :

Q1 : A bill of exchange must contain an unconditional promise to pay. Do you agree with a statement?

Answer : According to Negotiable Instrument Act, 1981, "A bill of exchange is defined as an instrument in writing, containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument." A bill of exchange contains an unconditional promise to pay a certain sum of money on an agreed date to the drawer or the bearer by the drawee of the bill. An unconditional order to pay: It is one of the important characteristic of a negotiable instrument. Unconditional order implies no condition should be attached by the acceptor regarding the payment. The conditions like, payment of bill (only in case of profit on sales), payment of bill (only if the prices of goods increase), etc. should not be attached with the bill. Moreover, the language of the bill should not be ambiguous.

Q2 : Briefly explain the effects of dishonour and noting of a bill of exchange.

Answer : When a bill is presented for payment and the acceptor fails to make the payment, the bill gets dishonoured. In this situation, liability of the acceptor is restored.

Entry in the books of drawer (if Noting charges are not paid):

Drawee	Dr.
To Bills Receivable A/c
(Bill dishonoured)

Entry in the books of drawee:

Bills Payable A/c	Dr.
To Drawer
(Bill dishonoured)

Noting charges are charged by the notary public for keeping a proof that the bill is dishonoured. The noting charges are paid by the holder of the bill but actually due on the drawee or the acceptor of the bill..

Notary public notes the below given facts.

1. Date and amount of bill

2. Reasons for dishonour

3. Amount of noting charges

Effect of Noting charges in the books of holder of bill (if Noting charges are paid):

Drawee	Dr.
To Bills Receivable A/c
To Cash A/c (Noting charges)
(Bill dishonoured and Noting charges paid)

In the books of drawee:

Bills Payable A/c	Dr.
Noting charges A/c	Dr.
To Drawer
(Bill dishonoured and Noting charges due)

Q3 : Explain briefly the procedure of calculating the date of maturity of a bill of exchange? Give example.

Answer : The procedure to calculate the date of maturity of a bill of exchange is given below.

1. Ascertain the date on which the bill will be honoured.

2. Add three days of grace to the above date.

For example, a bill with maturity period of one month is drawn on 1st July and due date is 1st September. Then add 3 days of grace and payment will be made on 4th September.

Days of grace depend on the following situations:

1. Declared holidays: If the payment day happens to be a national holiday or Sunday, then the preceding day becomes the payment day. For example,

1. If a bill is drawn on 12th July and its due date is 12th August, then after adding 3 days of grace the maturity day is 15th August. However, as 15th August is a national holiday; so, 14th August becomes the payment day.

2. If a bill is drawn on 1st May and the maturity period is of one month, then the due date is 1st June. After adding 3 days of grace, the payment date becomes 4th June. However, if 4th June happens to be a Sunday, then the payment will be made on 3rd June.

2. Undeclared holidays: If the payment day happens to be an emergency holiday, then the succeeding day becomes the payment day. For example, if a bill is drawn on 1st May and is payable after 15 days, then, after adding 3 days of grace period, the due date becomes 18th May. However, if a national strike is declared on 18th May, then 19th May becomes the due date of the bill.

Q4 : Distinguish between bill of exchange and promissory note.

Answer :

Basis of Difference	Bills of Exchange	Promissory Note
Order or promise	It is an order to pay.	It is a promise to pay.
Parties	There are three parties involved, drawer, acceptor and payee.	There are two parties involved, maker and payee.
Drawer	It is drawn by the creditor.	It is drawn by the debtors.
Acceptance	It needs acceptance by the drawee.	As it is prepared by promissor, so no acceptance is required.
Payee	Drawer and payee may be the same.	Promissor cannot be the payee.
Noting	In case of dishonour of the bill, the bill may get noted.	Noting is not necessary.
Liability	Drawer is not primarily liable.	Promissor is the primarily liable.

Q5 : Briefly explain the purpose and benefits of retiring a bill of exchange to the debtor and the creditor.

Answer :

When a holder receives the amount of a bill before the maturity date on request of the acceptor, it is called retirement of the bill of exchange. Holder of the bill may give discount for such earlier payment. This discount is termed as 'rebate'.

Rebate is given by the holder to the acceptor of the bill on account of payment before the due date. Rebate is a loss for the holder of the bill; so, it is debited in the books of the holder when payment is received.

Cash A/c	Dr.
Rebate A/c	Dr.
To Bills Receivable A/c
(Payment received and rebate allowed for early payment)

Acceptor of the bill gets rebate for the payment made before the due date. The rebate is a gain for the drawee; so, it is credited in the books of the drawee.

Bills Payable A/c	Dr.
To Cash A/c
To Rebate A/c
(Bill paid before the due date and rebate received for early payment)

Q6 : Explain briefly the purpose and advantages of maintaining of a Bills Receivable Book.

Answer : Bills Receivable Book is a special purpose book that is maintained to keep records of bills received from the debtors. It contains details such as acceptor's name, date of bill, due date, amount, etc. for future references. It is totalled periodically and its balance is transferred to the debit side of the bills receivable account.

Benefits of Maintaining the Bill Receivable Book

1. Availability of information: All the information related to the bills receivable, such as amount, due date, etc., are recorded at one place and hence are easily accessible.

2. Possibility of fraud: Since all the bills are recorded at one place, possibility of fraud is minimised.

3. Responsibility: The person who maintains the bills receivable book will also be responsible for any errors or omissions. Therefore, higher degree of accountability and responsibility exists. Also, if any error is detected, then it can be fixed quickly.

4. Time efficient: Recording of bills receivable through the bills receivable book takes lesser time than that of journal entry. Therefore, it saves time of the accountant in recording numerous transactions of repetitive and routine nature.

Q7 : Briefly explain the benefits of maintaining a Bills Payable Book and state how is its posting is done in the ledger?

Answer : A Bills Payable Book is a special purpose book, maintained to keep records of acceptance of bills, given to the creditors. It contains details of the amount, date of bill, due date, to whom acceptance is given, etc., for future references. It is totalled periodically and its balance is transferred to the credit side of the bills payable account.

Benefits of Maintaining Bills Payable Book

1. Availability of information: All the information related to the bills payable are recorded at one place, such as the amount, due date, etc.

2. Possibility of fraud: Since all the bills are recorded at one place, possibility of fraud is minimised.

3. Responsibility: All the transactions are recorded by the same person. Therefore, errors can be easily detected and rectified. This leads to a higher degree of responsibility and accountability of the accountant.

Numerical Questions:

Q1 : On Jan 01, 2006 Rao sold goods Rs 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment Journalise the above transactions in the books Rao and prepare of Rao's account in the books of Reddy.

Answer :

Books of Rao
Journal

Journal
Date		Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2011
Jan.01	Reddy		Dr.		10,000
		To Sales A/c				10,000
	(Goods sold to Reddy)

Jan.01	Cash A/c		Dr.		5,000
		To Reddy				5,000
	(Cash received from Reddy)

Jan.01	Bills Receivable A/c		Dr.		5,000
		To Reddy				5,000
	(Bill received for 30 days accepted by Reddy)

Feb.03	Cash A/c		Dr.		5,000
		To Bills Receivable A/c				5,000
	(Reddy's acceptance met on due date)

Books of Reddy
Rao'sAccount
Dr.							Cr.
Date	Particulars	J.F.	Amount Rs	Date	Particulars	J.F.	Amount Rs
Jan.01	Cash		5,000	2011
Jan.01	Bills Receivable		5,000	Jan.01	Purchases		10,000

			10,000

Q2 : On Jan 01,2006, Shankar purchased goods from Parvati for Rs 8,000 and immediately drew a promissory note in favour of Parvati payable after 3 months. On the date of maturity of the promissory note, the Government of India declared holiday under the Negotiable Instrument Act 1881. Since, Parvati was unaware about the provision of the law regarding the date of maturity of the bill, she handed over the bill to her lawyer, who duly presented the bill and received the payment. The amount of the bill was handed over by the lawyer to Parvati immediately. Record the necessary Journal entries in the books of Parvati and Shankar.

Answer :

Books of Parvati
Journal

Date	Particulars			L.F.	Debit Amount Rs	Credit Amount Rs
2011
Jan.01	Shankar		Dr.		8,000
		To Sales A/c				8,000
	(Goods sold to Shankar)

Jan.01	Bills Receivable A/c		Dr.		8,000
		To Shankar				8,000
	(Promissory Note received from Shankar for three months)

Apr.05	Cash A/c		Dr.		8,000
		To Bills Receivable A/c				8,000
	(Cash received for Promissory Note one day after the maturity date on account of holiday declared by Govt.)

Books of Shankar
Journal
Date			Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2011
Jan.01	Purchases A/c			Dr.		8,000
		To Parvati					8,000
	(Goods purchased from Parvati)

Jan.01	Parvati			Dr.		8,000
			To Bills Payable A/c				8,000
	(Promissory note for three months sent to Parvati)

Apr.5	Bills Payable A/c			Dr.		8,000
			To Cash A/c				8,000
	(Cash paid on maturity of promissory note)

Note: Here, it has been assumed holiday on Apr.04, 2011 is emergency holiday if it had gazetted holiday, the Promissory Note should have been discharged on Apr.05, 2011.

Q3 : Vishal sold goods for Rs 7,000 to Manju on Jan 05, 2006 and drew upon her a bill of exchange payable after 2 months. Manju accepted Vishal's draft and handed over the same to Vishal after acceptance. Vishal immediately discounted the bill with his bank@12% p.a. On the due date Manju met her acceptance. Journalise the above transactions in the books of Vishal and Manju.

Answer :

Books of Vishal
Journal

Date			Particulars		L.F.	Debit Amount Rs	Credit Amount Rs
2011
Jan.05	Manju			Dr.		7,000
		To Sales A/c					7,000
	(Goods sold to Manju)

Jan.05	Bills Receivable A/c			Dr.		7,000
			To Manju				7,000
	(Manju's acceptance received for two months)

Jan.05	Bank A/c			Dr.		6,860
	Discount A/c			Dr.		140	7,000
			To Bills Receivable A/c
	(Bill Receivable discounted with the bank @ 12 % p.a. for two months)

Books of Manju
Journal
Date		Particulars			L.F.	Debit Amount Rs	Credit Amount Rs
2011
Jan.05	Purchases A/c			Dr.		7,000
			To Vishal				7,000
	(Goods purchased from Vishal)

Jan.05	Vishal			Dr.		7,000
		To Bills Payable A/c					7,000
	(Bill drawn by Vishal accepted)

Mar.08	Bills Payable A/c			Dr.		7,000
		To Bank A/c					7,000
	(Amount of Bill Payable paid to bank on maturity)

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FAQs on NCERT Solution - Chapter 8 : Bills of Exchange (Part - 1) - Class 11

1. What is a bill of exchange?

Ans. A bill of exchange is a negotiable instrument that is used in international trade and commerce. It is a written order from the drawer (seller) to the drawee (buyer) to pay a certain amount of money to the payee (seller or third party) on a specific date.

2. Who are the parties involved in a bill of exchange?

Ans. There are three parties involved in a bill of exchange: - Drawer: The person or entity who draws the bill and is entitled to receive payment. - Drawee: The person or entity on whom the bill is drawn and who is required to make the payment. - Payee: The person or entity who is entitled to receive the payment mentioned in the bill.

3. What is the purpose of a bill of exchange?

Ans. The primary purpose of a bill of exchange is to facilitate the transfer of funds and provide a secure method of payment in international trade. It serves as a legally binding document that ensures payment to the seller and provides credit to the buyer.

4. What are the essential characteristics of a bill of exchange?

Ans. The essential characteristics of a bill of exchange are: - It must be in writing. - It must be an unconditional order to pay. - It must be signed by the drawer. - It must be payable on demand or at a specific future date. - It must be payable to a specific person or their order.

5. What are the advantages of using a bill of exchange in business transactions?

Ans. Some advantages of using a bill of exchange in business transactions are: - It provides a secure method of payment and reduces the risk of fraud or non-payment. - It allows for deferred payment, providing credit to the buyer. - It can be easily negotiable and transferred to third parties, allowing for flexibility in financial transactions. - It is widely accepted in international trade, making it a convenient payment instrument for cross-border transactions. - It helps in maintaining a record of financial transactions and acts as evidence in case of any dispute.

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