Test: Bills of Exchange- Case Based Type Questions - SSC CGL MCQ
10 Questions MCQ Test - Test: Bills of Exchange- Case Based Type Questions
Read the following hypothetical Case Study and answer the given questions:
On 1st January 2018, Sushil drew on Parag, who is a debtor for ₹15,000 three bills of exchange: 1st: for ₹4,000 at one month, 2nd: for ₹5,000 at two months and 3rd: for ₹6,000 at three months.
Parag accepted all three bills. On 10th January 2018, Sushil endorsed the first bill to his creditor Anand in full settlement of his account of ₹4,120. This bill was duly met on maturity.
On 20th January 2018, the second bill was discounted from the bank for ₹4,850. This bill was dishonoured on the due date and the bank paid ₹40 as nothing. On Parag’s request Sushil drew a fourth bill on Parag for 2 months for the amount due plus ₹200 as interest.
Third bill was paid under a rebate of 15% p.a. one month before maturity. The fourth bill was sent to the bank for collection on 4th May 2018 and was duly met on maturity.
Q. What is the due date for the Second Bill of Exchange?
Read the following hypothetical Case Study and answer the given questions:
On 1st January 2018, Sushil drew on Parag, who is a debtor for ₹15,000 three bills of exchange: 1st: for ₹4,000 at one month, 2nd: for ₹5,000 at two months and 3rd: for ₹6,000 at three months.
Parag accepted all three bills. On 10th January 2018, Sushil endorsed the first bill to his creditor Anand in full settlement of his account of ₹4,120. This bill was duly met on maturity.
On 20th January 2018, the second bill was discounted from the bank for ₹4,850. This bill was dishonoured on the due date and the bank paid ₹40 as nothing. On Parag’s request Sushil drew a fourth bill on Parag for 2 months for the amount due plus ₹200 as interest.
Third bill was paid under a rebate of 15% p.a. one month before maturity. The fourth bill was sent to the bank for collection on 4th May 2018 and was duly met on maturity.
Q. What will be the journal entry for the bill endorsed by Sushil to Anand in the books of Sushil?
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Read the following hypothetical Case Study and answer the given questions: On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.
Q. What will be the journal entry in the books of Pravin for the first bill endorsed to Shobha dishonoured?
Read the following hypothetical Case Study and answer the given questions:
On 1st January 2017, Pravin sold goods to Navin for ₹1,00,000 received ₹25,000 in cash and drew two bills, first for ₹45,000 and second for ₹30,000 for two months each. Both the bills are duly accepted by Navin. First bill was endorsed to Shobha in settlement of her account of ₹45,500 and second bill was discounted from the Bank @ 12% p.a. On the due date of these bills, both bills were dishonoured. Shobha has paid ₹100 and Bank has paid `80 as Noting charges. Navin paid ₹20,000 and Noting charges in Cash and accepted a new bill for the balance at three months. The interest on balance @ 18% p.a. was paid in cash. The new bill is immediately endorsed to Jayesh. On the due date of the new bill, Navin became insolvent and nothing was recovered from the estate.
Q. What will be the journal entry for the bill accepted for the payment to be made to Praveen in the books of Navin?
What are the parties to a bill of exchange?
Liability for a discounted bill is a..
Due date of a bill of exchange drawn on 30th January, 2011 for one month will be
Which account will be debited in the books of the acceptor at the time of discharge of a bill?
The party which is ordered to pay the amount is known as….
Interest on renewal of a bill is an expense to the?
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