Bills of Exchange-Test 5

When an endorsed or discounted bill is honoured, no entry is passed in the books of drawee

When a bill is endorsed or discounted, no entry is passed in the books of drawer.

When a bill of one month duration is accepted on 12th July, 2006 its due date will be

When a Bill of Exchange is drawn on 5-1-2006, stating that “20 Days after date”, pay to ABC, the sum of Rs.1000, the due date of the Bill is

When a bill drawn and accepted on 23rd November, 2005 for two months will be due for payment on

When a Bill of Exchange is drawn on 28-1-2006 stating that “One  months after date”, pay ABC the sum of Rupees 10,000, the due date of Bill is

Mr. X accepted a bill of exchange of Rs.15,000 drawn by Y and payable in 3 months got it discounted from bank at 2% discount. On the due date X failed to pay the bill as he was adjudged insolvent. A final dividend of 0.25 in a rupee was received from his estate. What would be discounting charges ?

On Jan. 5, 2006 X draws a bill three months on Y for Rs.5,000 against sale of goods. Y accepts the bill. In the Books of X, the entry will be

Mr. Z informs Mr. X that Mr.Y acceptance for Rs.10,000 endorsed to Mr. Z has been dishonoured. Noting charges amounted to Rs.50. In the books of Maharaja, the entry will be

Mr. Y renews his acceptance to Mr. X for Rs.1000 by paying Rs.400 in cash and accepting a fresh bill for balance plus interest at 12% p.a. for 3 months. In the books of X, the entry will be

Acceptance is necessary in case of a promissory note.

When a bill drawn and accepted on 12th June, 2006 for two months will be due for payments on ________ .

When a Bill drawn and accepted on 23rd October, 2006 for three months will due date for payment on ______ .

When a bill drawn on 3rd July,2006 for 40 days, payments must be made on _________ .

When a Bill of Exchange is drawn on 20-1-2006 stating that “60 Days after date”, pay to ABC, the sum of Rupees 10,000, the due date of Bill is

When a Bill of Exchange is drawn on 31-3-2006 stating that “One month after date”, Pay to Mr.X, the sum of Rupees 10,000, the due date of Bill is

How  much was recovered from the estate of X

On Jan. 5, 2006 X draws a bill at three months on Y for Rs.50,000 against sale of goods. Y accepts the bill. On the due date. Y pays cash to X against the bill. In the books of Y, the entry on payment will be

Mr. X has sent a bill of Mr. Y for Rs.10,000 to bank for collection. But bank informed that the bill has been dishonoured by Mr. Y In the books of Mr. X on dishonour the following entry will be passed

Out of the following Bills, bill at sight is _______

A Bill of Exchange is _____

In case of Bill of Exchange, there are _______

Out of the following Bills, Bills after date is ________

The term of a Bill after sight commences _______

A Bill of Exchange cannot be made payable to _____

A Bill received from a debtor is called _____

When the bill is honoured at the maturity date, the drawee debits ________

A Bill received from a creditor is called ______

Total of Bills Payable Journal is posted to the _______

A discounted bill is treated as dishonoured in case of insolvency of the _______