CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Bills Of Exchange Quiz 5 - MCQExams.com

Excell Associates is a partnership firm, it intent to revalue its goodwill, average profits for the past five years are Rs 25000 p.a. Goodwill is being valued 3 years purchase of average profit. If D is admitted as third partner for 1/3 share of profit. How much D is required to bring in cash as his share of goodwill.
  • Rs 25000
  • Rs 50000
  • Rs 20000
  • Rs 40000
Average due date is also called ___________.
  • Zero date
  • Equated date
  • Cut off date
  • Maturity date
Bills Receivables are initially recorded in..........
  • Bills Recervable book
  • Sales day book
  • Purchase day book
  • Purchase day book as a minus item
In consignment sale the persons sending the goods for further sale is known as ___________.
  • debtor
  • consignee
  • consignor
  • supplier
Contingent liabilities includes ___________.
  • bills discounted before maturity
  • guarantee undertaken
  • cases pending in the court of law
  • all the three
At the time of receipt of payment of BR on the maturity date, the drawer of a bill exchange credits..........
  • Bill receivables A/c
  • Bills payable A/c
  • Drawee A/c
  • None
In consignment sale, who send Proforma invoice?
  • Consignor
  • Consignee
  • Banker
  • Customer
Bills payables are initially recorded in
  • Bills payables book
  • Sales day book
  • Purchase day book
  • Purchase day book as a minus item
X draw a bill of exchange on Y for Rs. 25,000 for 3 months on 10-10-What is the due date of this bill of exchange
  • 13th Jan 14
  • 14th Jan 14
  • 15th Jan 14
  • 16th Jan 14
Bill of exchange is defined in sections . of the Negotiable Instrument Act
  • 5
  • 4
  • 10
  • 7
At the time of payment of a BP on the maturity date, the drawee of a bill of exchange debits
  • Bill receivables A/c
  • Bills payable A/c
  • Drawer A/c
  • Cash A/c
Discounting of a bill of exchange means..............
  • Encashing the same on the date of maturity from bank
  • Endorsing it to creditor
  • Sending it to bank for collection
  • Encashing the same before the date of maturity from the bank
If a bill of exchange is returned dishonoured, the first thing the drawer to do is to?
  • Lodge a FIR
  • Go to notary public for getting it noted
  • Stop business dealing with the drawee
  • All the three
A gets Bs signature on a document transferring Bs flat worth Rs. 30 lakhs to A for Rs. 5 lakhs on the threat of exposing Bs illicit relations. This agreement cannot be enforced because ..
  • Consideration is inadequate
  • Free consent is not there
  • Transfer of immovable property outside the scope of Contract Act
  • Agreement not registered
If the act has been done before any promise is made, it is called ..
  • Present consideration
  • Past consideration
  • Future consideration
  • Executory consideration
A accepted a bill of exchange promising to pay Rs. $$50,000$$ to B after $$3$$ months, B forged it for Rs. $$50,000$$ after two months. A is liable to pay ___________.
  • Rs. $$50,000$$ after two months
  • Rs. $$50,000$$ after three months
  • Nothing at all
  • Rs. $$50,000$$ after two months
X consigned $$1,000$$ Kg of Apples costing Rs. $$100$$ per kg to Y. X incurred Rs. $$6,500$$ towards transportation and insurance. Y paid Rs. $$4,000$$ as godowns rent and Rs. $$500$$ as salesman Commission. He could not realize Rs. $$5,000$$ from a customer and the amount became bad debts. During road transportation $$50$$ kg were stolen. He sold $$900$$kg @ $$150$$ per kg. Y is entitled to $$2\%$$ del credere commission. Find the value of abnormal loss.
  • Rs. $$5,589$$
  • Rs. $$5,325$$
  • Rs. $$6,070$$
  • Rs. $$5,890$$
A draws on B a bill of exchange for $$3$$ months of Rs. $$20,000$$ which B accepts. B got it discounted with a bank at $$16\%$$. On the due date B did not honour the bill and X got it attested from the notary public on paying noting charges of Rs. $$100$$. B paid Rs. $$6,000$$ in cash and requested A to draw a fresh bill for the balance amount for next three month at $$12\%$$ interest. The new bill will be for Rs. ____________.
  • Rs. $$14,723$$
  • Rs. $$14,823$$
  • Rs. $$14,523$$
  • Rs. $$14,423$$
An offer may be revoked at any time .. communication of acceptance is complete as against . But not afterward
  • Before, acceptor
  • After, acceptor
  • Before, offeror
  • After, offeror
A bill of exchange is drawn by
  • Drawer
  • Drawee
  • Payee
  • Endorsee
When Bills Receivable is returned dishonored by the drawee, which of these A/c is debited by the drawer
  • Drawee A/c
  • Bank A/c
  • BP A/c
  • BR A/c
From the following details calculate overriding commission payable to a consignment.
Invoice price of the goods sold Rs. $$200,000$$
Selling price of the goods sold Rs. $$280,000$$
Overriding commission is payable @ $$5\%$$ of the excess of selling price over invoice price.
  • Rs. $$4,400$$
  • Rs. $$2,400$$
  • Rs. $$4,000$$
  • Rs. $$5,000$$
For bearing loss on account of bad debts, the consignment agent is allowed _________.
  • overriding commission
  • del credere commission
  • special commission
  • extra bonus
When Bills Receivable is returned dishonored by the drawer, which of these a/c is credited by the drawer
  • Drawer A/c
  • Bank A/c
  • BP A/c
  • BR A/c
In which of the following cases acceptance of goods by the buyer is deemed a valid acceptance
  • On intimation of acceptance to the seller
  • He retains the goods without intimation that he returns the goods
  • Does any act inconsistent with the ownership of the seller.
  • All the three
If the buyer obtains delivery of goods before arrival at the destination, transit
  • Comes to an end
  • Continues
  • Comes to halt
  • None
When a BR is dishonoured, Bills receivable a/c is debited by.....
  • Face value of the bill
  • Maturity value of the BR
  • Maturity value plus interest
  • Maturity value plus interest plus noting charges
Which of the following option is not available to the drawer of bill of exchange
  • To hold it till maturity
  • To endorse it in favour of third party
  • Discount it with a banker
  • Tear it off

All instruments which are not instrument are foreign bills.
  • accommodation
  • Inland
  • trade
  • crossed
Which of the following is a foreign Bill.
  • A bill of exchange drawn outside India and payable outside India
  • A bill of exchange drawn outside India am payable in India
  • A bill of exchange drawn outside India on person resident outside India
  • All the three
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