Bill Of Exchange CBSE Questions & Answers

Bill Of Exchange

This is Accountancy Class 11 Bill of Exchange CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

Under which circumstances drawer and payee is the same person

A
When drawer endorse the bill to the third party
B
When drawer discounted the bill with banker
C
All of these
D
When drawee rejects to accept the bill
Correct

‘Mr Ramesh, I owe you a sum of Rs 5000/’- is

A
conditional Promise
B
Promissory Note
C
None of these
D
Acknowledgement of debt
Correct

Match the following, options are

A
a(i), b(iii), c(ii)
Correct
B
a(iii), b(i), c(ii)
C
a(ii), b(iii), c(i)
D
a(i), b(ii), c(iii)

Which of the following is not the characteristic of Promissory Note?

A
It should contain an unconditional promise signed by the maker
B
It should be in writing
C
Maker may not be more than one person
Correct
D
Amount of money to be paid must be certain

Ram accepted a bill drawn by Robin endorsed the bill to Sohail. On due date the bill is dishonoured as Ram became insolvent .To record the dishonor of the bill in the books of Robin which of the following account should be credited

A
Robin
B
Bill receivable
C
Ram
D
Sohail
Correct

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 the drawee

A
Mohan
B
Suraj
Correct
C
Both
D
None

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

A
Payee
B
Promissory
C
Banker
D
Drawee
Correct

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

A
3th July
B
5th July
C
2th July
D
4th July
Correct

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

A
15th July
B
13th July
Correct
C
5th July
D
9th July

Rohan sold goods to shyam for Rs.30,000 at credit on 1st April, 2011. Rohan discounted the bill with his bank on 4th May 2011 @ 9% per annum find out : The amount of discounting charges.

A
Rs.300
B
Rs.400
C
Rs.350
D
Rs.450
Correct

Rohan sold goods to shyam for Rs.30,000 at credit on 1st April, 2011. Rohan discounted the bill with his bank on 4th May 2011 @ 9% per annum find out : The amount of discounting charges The amount that Rohan will receive from his bank at the time of discounting the bill.

A
Rs.29500
Correct
B
Rs.28300
C
Rs.26700
D
Rs.24900

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

A
17/08/2012
B
15/08/2012
C
16/08/2012
Correct
D
14/082012

Aman draws a bill on Manik for Rs. 12000 on 1st April 2011 payable after 4 months. This bill is duly accepted by Manik .Aman discounts it on 04th May,2011.Calculate amount of discount

A
Rs.300
Correct
B
Rs.100
C
Rs.400
D
Rs.200

A bill of Rs. 5000 is discounted with the banker for Rs.4750. The bill is dishonored at maturity .The drawee pay 60 % his acceptance. What is the amount of bad debts

A
Rs.1000
B
Rs.2000
Correct
C
Rs.1500
D
Rs.3000

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

A
Rs.1000
B
Rs.1010
C
Rs.995
D
Rs.990
Correct