CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Bills Of Exchange Quiz 4 - MCQExams.com

A draw a bill of exchange on $$B$$ for $$Rs. 3,000$$ for $$4$$ months. He got it discounted with a Bank at $$12$$% p.a. The discount charged by the bank will be _________.
  • $$Rs. 120$$
  • $$Rs. 360$$
  • $$Rs. 125$$
  • $$Rs. 154$$
If X send goods to Y to sell the same at the risk and cost of X, This is a case of__________.
  • JV business
  • Consignment
  • Collaboration
  • Stock transfer
Mr. X accepted a bill of exchange of $$Rs. 1500$$ drawn by Y and payable in $$3$$ months. He got it discounted from bank at $$2$$% discount. The discounting charges amounted to __________.
  • $$30$$
  • $$25$$
  • $$7.5$$
  • $$22$$
X draw a 3 months bill of exchange of Rs. 20,000 on Y on 1st AprilOn due date Y paid Rs. 4000 and requested X to draw another bill of exchange for 2 months. On the due date of second bill of exchange Y is declared involvement and a dividend of 25 paise in a rupee is expedited to be realized from his assets. Find the amount receivable from Y in respect of the outstanding bill of exchange.
  • Rs. 5000
  • Rs. 4000
  • Rs. 16,000
  • Rs. 20,000
Who bears noting charges in case of dishonour of a bill of exchange.
  • Drawer
  • Drawee
  • Both
  • Bank
In question No.25 above find the total profit on consignment if the consignee expenses amounted to Rs.8000
  • Rs.30,000
  • Rs.28,000
  • Rs.25,000
  • Rs.38,000
Which of these account is not a nominal A/c 
  • Consignment A/c
  • Joint Bank A/c
  • Joint Venture A/c
  • Realization A/c
$$A$$ of Agra sent goods costing Rs. $$45,000$$ to $$B$$ of Baroda at cost plus $$33$$%. $$1/5$$ of the goods were lost in transit and $$2/3$$rd of the remaining were sold at a profit of $$20$$% on invoice price. Find the value of sales-
  • Rs. $$54,500$$
  • Rs. $$60,000$$
  • Rs. $$57,600$$
  • Rs. $$55,000$$
When Bills receivable is returned dishonoured by the drawee, which of the these A/c is debited by the drawee.
  • Drawee A/c
  • Bank A/c
  • BP A/c
  • BR A/c
$$X$$ sent some goods to $$Y$$ to be sold on consignment basis. $$2/3$$rd of the goods costing Rs. $$70,000$$ were sold at Rs. $$90,000$$. Find the value of goods lying with consignee
  • Rs. $$105,000$$
  • Rs. $$35,000$$
  • Rs. $$70,000$$
  • Rs. $$125,000$$
Goods lying with the consignee are shown under............
  • Closing stock
  • Work in progress
  • Stock in transit
  • Suspense A/c
X draws 3 months bill of exchange for Rs 25000 upon Y on 23-10-13 find the due date of the bill
  • 27-01-14
  • 25-01-14
  • 26-01-14
  • 23-01-14
...........is the date on which a bill falls due for payment.
  • Settlement date
  • Maturity date
  • Payment date
  • Due date
Till the discounted Bill Receivables is paid by the drawee it remains a _________.
  • Clear liability
  • Contingent asset
  • unearned income
  • Contingent liability
Which of these is not an essential requirement of a valid bill of exchange?
  • Acceptance
  • Writing
  • Specific sum payable
  • Crossing
Which of these is not an essential condition for  a holder of a bill of exchange to become a holder in due course?
  • If he has taken the bill without notice of defect in the title of the bill
  • If he has taken the bill before the maturity date
  • If he has taken for valuable consideration
  • None
Noting means 
  • Getting the fact of bill being dishonoured from the Notary Public
  • Getting the fact of bill begin dishonoured from District Magistrate
  • getting the fact of bill begin dishonoured from the Oath Commissioner
  • Getting the fact of bill being dishonoured from the Gazetted Officer
X sent some goods to Y to be sold on consignment basis. 1/10 of the goods valued at Rs. 25,000 were lost in transit. Find the value of goods sent on consignment basis........
  • Rs. 250,000
  • Rs. 25000
  • Rs. 2500
  • None
Promise which forms the consideration or part of the consideration for each other are called 
  • Reciprocal promise
  • Executed promise
  • Executory promise
  • No promise at all
Which of these are not required in a promissary note
  • Writing
  • Unconditional
  • Specific sum
  • Acceptance
Gopal draw a bill of exchange of Rs 20,000 on Hari for 3 month. He got it discounted from the bank at a discount of 12% p.a Discounting charges on discounting of bill will be 
  • Rs.2400
  • Rs.600
  • Rs.1200
  • Rs.300
Closing stock lying unsold with the consignee is valued at........
  • Cost price
  • Market price
  • Realizable price
  • Least of cost or not realisable value
Which of these is not an essential requirement of a valid promissory note?
  • Acceptance
  • Unconditional
  • Maker and payee
  • Specific sum
At the time of payment of a bill, the acceptor debits __________.
  • Bill receivables A/c
  • Bills payable A/c
  • Discount A/c
  • One of these
On receipt of goods sent on consignment basis, the consignee..........
  • Debit consignment A/c
  • Debit consignment stock A/c
  • Stock A/c
  • None of these
An unpaid seller can exercise the right of stoppage of goods in transit
  • Where he has parted with possession of the goods
  • When the buyer has become insolvent
  • Both
  • None
Mohit Draw a Bill of Exchange of Rs. 30,000 payable in 3 months on Rohit. He got it discounted from the bank at a discount of 12% p.a. On due date the bill was returned dishonoured due to bankruptcy of Rohit and final dividend of Re.025 in a rupee was received from the estates of Rohit. Discounting charges on discounting of bill will be _______
  • Rs. 3600
  • Rs. 900
  • Rs. 600
  • Rs. 400
Bill of exchanges drawn by two persons on each others for financial help are called.....
  • Accommodation bill
  • Trade bills
  • Mutual bills
  • Bilateral bills
A promises to pay B Rs. $$5,000$$, if India wins World Cup Cricket, $$2007$$. This is a ____________.
  • Wagering agreement
  • Contingent contract
  • Valid agreement
  • Quasi contract
which of these terms is/are not found in accounting of bill of exchange
  • Forfeiture
  • Renewal
  • Discounting
  • Noting
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers