online exams in Bills of Exchange in Fundamentals of Accounting for preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Bills of Exchange-Test 3
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Bills of Exchange -Test 3
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A bill of exchange is drawn by Mr. Mehesh on Mr.Mohan for Rs.10,000 on 30th January,2012 for one month. The due date of the bill would be :
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Question 3 of 30
3. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A has discounted a 3 months bill @ 10% p.a. from Bank and given credit of Rs.11,700 and due date the bill was dishonoured and a notary charge of Rs.50 paid by the Bank. The amount by which the A’s account will be debited by the Bank.
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Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Mr. X accepts a bill of Rs.5,000 drawn by Mr. Y for mutual accommodation. They decide to distribute the proceed in the ratio of 1 : 4. The bill was discounted for Rs.4,900. The amount of discount borne by Mr. Y would be :
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Incorrect
Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Retirement of bill means
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Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1st April Mr. A sold goods worth Rs.10,000 to Mr.B and drew a bill on him at 3 months for the amount Mr.B accepted the bill and returned it to Mr.A who discounted the bill with the Bank @ 15% p.a. The amount of discount to be charged as expense is :
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Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following option (besides retaining the bill, till due date) are available to the holder for dealing with a Bill of Exchange ?
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Incorrect
Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following statements are true with regard to Promissory notes ?
(i) It should be properly stamped.
(ii) The Promise to pay must be conditional
(iii) The payee must sign the promissory note
(iv) It should not be made payable to bearer
(v) The sum payable must be certain.
The correct alternative is :
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Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Nutan draws a bill of exchange for Rs.20,000 on 1st Feb 2014, due for payment after 2 months on Divam. Divam accepts the bill of exchange on 4th March 2014, Divam retires the bill of exchange at a discount of 9% p.a. The Journal Entry at the time of retirement of the bill in the books of Divam will be :
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The purpose of accommodation bill is :
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Incorrect
Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
In bill of exchange, the term of a ______ commences from the date of acceptance of the bill.
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Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following is not an example of Foreign bill ?
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Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Neelam sold goods to Dhiman for Rs.40,000 on 1.5.2014. On the same day, she drew on him a bill for the amount for 3 months, which Dhiman duly accepted. Neelam got the bill discounted with her bank. Before the due date, Dhiman became insolvent. Later, his estate could pay only 40% of the amount due.
What will be the amount of deficiency in the books of Dhiman ?
Correct
Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Bill at sight means the installment in the bill is payable at ______ .
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Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A bill of exchange matures on 16th July. Suddenly a bank strike is declared on this date. Next day is Sunday. Bill will mature on :
Correct
Incorrect
Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Z Ltd. issued 4000 10% preference shares of Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 3000 equity shares of Rs.100 each at a premium of 20% per share. At the time of redemption of preference shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be :
Correct
Incorrect
Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Kiran sells goods for Rs.1,00,000 to Hari on 1st January, 2014 and on the same day draws a bill on Hari for 3 months for the amount. Hari accepts it and returns it to kiran, who discounts it on 4th January, 2014 with his bank at 10% p.a. The discounting charges are :
Correct
Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Noting charges is an Expense to be borne by :
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Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 12.05.2015, Axe draws a bill on Zed for Rs.25,000 for 3 months, maturity date of the bill will be :
Correct
Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A bill drawn and accepted for mutual help is known as ______ bill .
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Incorrect
Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Mr. Sobby sold goods worth Rs.50,000 to Mr.Dobby. Dobby immediately accepted a bill on 1.02.2016 payable after 2 months. Sobby discounted the bill @ 18% p.a. on 15.02.2016. On the due date Dobby failed to discharge the bill. Later on Dobby becaome insolvent and 50 paise is recovered from Dobby estate. How much amount of bad debt will be recorded in the books of Sobby.
Correct
Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
On 1.1.2016, X draws a bill on Y “for 30 days after sight”. the date of acceptance is 8.1.2016. The maturity date of the bill will be :
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Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Bills of Exchange before acceptance is called as :
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Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Mr. X accepts a bill of Rs.50,000 drawn by Mr.Y for mutual accommodation. they decide to distribute the proceed in the ratio of 1 : 4. The bill was discounted with the bankers for Rs.49,000. The amount of discount borne by Mr. Y would be :
Correct
Incorrect
Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Jatin draws a bill on Lalit for Rs.60,000 for 3 months on 01.04.2016 which was accepted by Lalit on 2.4.2016. On 02.05.2016, Jatin got this bill discounted at 12% rate. The amount of discount will be :
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A drew a bill on Bfor Rs.1,00,000 for 3 months. Proceeds are to be shared equally. A got the bill discouted at 15% and remits half proceeds to B. The amount of such remittance will be _______ .
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A bill of Rs.40,000 was discounted by P with the banker for Rs.39,000. At maturity, the bill returned dishonoured, noting charges Rs.500. How much amount will the banker deduct from P’s bank balance for such dishonoured bill ?
Correct
Incorrect
Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
From the following information, find out who can draw the bill if Mr A sold goods to B :
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Incorrect
Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
When the bill are to be produced to notary public :
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Incorrect
Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Under which circumstance drawer and payee is same person :