CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 11 - MCQExams.com

On $$16.6.2019\ X$$ draws a bill on $$Y$$ for $$Rs. 25,000$$ for $$30$$ days. $$19th$$ July is a public holiday, maturity date of the bill will be: ________.
  • $$19th\ July$$
  • $$18th\ July$$
  • $$17th\ July$$
  • $$16th\ July$$
On 10th Sept. X draws a bill on Y for 25,000 for 30 days. 13th Dec. is public holiday, due date of the bill will be:
  • $$ { 11 }^{ th } $$ Dec.
  • $$ { 12 }^{ th } $$ Dec.
  • $$ { 13 }^{ th } $$ Dec.
  • $$ { 14 }^{ th } $$ Dec.
X got Y's acceptance on s bill drawn for Rs 1,50,000, discounted at 2 months at 12% p.a. The amount of discount will be?
  • 3,000
  • 1,500
  • 4,500
  • Nil
X drew a bill on Y for 3,X endorsed it to Z who endorsed it to W. The payee of the bill will be:
  • X.
  • Y.
  • Z.
  • W.
On 1st Jan X draws a bill on Y for 1,50,At maturity Y requests X to draw a fresh bill for 2 months together with 12% p.a. interest. Nothing charges The amount of interest will be:
  • 3,000.
  • 3,010.
  • 2,500.
  • 2,750.
X sold goods to Y for $$ 2,00,000 $$ Y paid cash 50,X will grant 2% discount on balance, and Y requests X to draw a bill for balance, the amount of bill will be:
  • 2,00,000
  • 1,96,000
  • 1,50,000
  • 1,47,000
On 1st Jan, X drew a bill on Y for 3 month for Rs 1,50,On 4th March, Y pays the bill to X at 12% p.a. discount, the amount of discount will be?
  • 1,500
  • 3,000
  • 4,500
  • Nil.
X accepted a bill drawn by Y who endorsed the bill to Z. One the due date, the bill is dishonored. To record the dishonor of the bill in the books of Y, Which of the following accounts should be credited?
  • X
  • Bills Receivable account.
  • Z
  • Bills payable account.
The term of a "bill after sight" commences ______.
  • From the date of acceptance or presentation which ever is earlier.
  • From the date of drawing a bill.
  • From the date of receipt of the accepted bill.
  • From the date of receipt of drawn bill.
a bill drawn on 23.11.2013 as payable 2 months after sight was accepted on 24.11.The date of maturity of this bill will be ______.
  • 25. 1 .2014
  • 26. 1 .2014
  • 27. 1 .2014
  • None of these.
On 18.2.13 A drew a bill on B for 10,B accepted the bill on 21.2.The bill is drawn for 30 days after sight. The due date of the bill will be:
  • 24.3.13
  • 22.3.13
  • 26.3.13
  • 21.3.13
A person who is ordered to pay the amount to bill of exchange is known as:
  • Drawer
  • Drawee
  • Payee
  • Creditor
Use the following information .

  1. X and Y enter into a joint venture sharing profits & losses in the ratio of 3:2.
  2. X is entitled to get 1% commission on purchase and Y is entitled to get 5% commission on sales.
  3. X purchased goods for 4,00,000 and sent the same to Y. Supplier allowed a cash discount of 5%.
  4. X drew a bill on Y for an amount equivalent to 80% of the original cost of goods. X got it discounted at 3,00,000.
  5. Y sold 50% goods for 5,00,000 and paid 4,000 towards selling & administration expenses and insurance and 1,000 still outstanding. Y allowed a cash discount of 5% to a customer to whom goods were sold for 2,00,Bad Debts amounted to 16,000.
  6. 50% of balance goods are taken over by Y at 60% of Cost.
  7. Remaining Goods were destroyed by fire and insurance claim was received by Y to the extent of 60%.
The profit on Joint Venture is:
  • 1,80,000.
  • 1,60,000.
  • 1,40,000.
  • None of these.
______ is a person to whom the amount on a bill is payable.
  • Drawer
  • Drawee
  • Payee
  • Endorser
The following steps are normally taken in an import trade:
Indent and letter of credit 
Ship's report
Delivery and customs formalities
Exchange and bills of exchange 
Correct sequence of these steps is
  • 1, 4, 2, 3
  • 4, 1, 2, 3
  • 4, 1, 3, 2
  • 1, 4, 3, 2
X sold goods worth Rs 1,50,000 to Y. Y immediately accepted a bill on 1st Nov payable after 2 months. X discounted this bill @ 18% p.a. on 15th Nov. On the due date , Y failed to discharge the bill. Later on Y became insolvent and 50 paise in a rupee is recovered from Y's estate. How much amount of bad debt will be recorded in the books of X?
  • 75,000.
  • 1,47,000.
  • 1,52,000.
  • Nil.
Which of the given below sentence is proper as to considered to be written in negotiable instruments _____________________.
  • I Promise to pay Mr.B or order Rs. 500
  • Mr. B I. O(owe) you Rs.500
  • I am liable to pay you Rs.500
  • None of the above

Mr.Ajay draws a bill on Mr.Vijay on 1st August, 2018 for Rs. 50,000 for 3 months payable after sight. The bill was accepted on 8th August,11th November was a sudden Holiday. Calculate due date in the above case?
  • 8th November, 2018
  • 11th November, 2018
  • 1st November, 2018
  • 12th November, 2018
On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
  • 1st April, 2018
  • 31st March, 2018
  • 4th April, 2018
  • 30th April, 2018
A Promissory Note or Bill of Exchange can be made payable ___________.
  • On demand
  • On a specified date
  • After a specified period - months or days
  • All of the above
What is a bill of exchange?
  • It is an instrument written or oral, containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing a conditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing an unconditional order signed by the maker to pay certain sum of money to the bearer
__________ is not required in a Promissory Note.
  • Acceptance
  • Noting
  • Discounting
  • None of the above
If the bill of exchange of one month's duration is accepted on 23rd December its maturity date will be ____________.
  • 23rd January
  • 24th January
  • 26th January
  • 25th January
Which of the following is not a correct statement ?
  • A bill given to a creditor is called Bill Payable
  • Del-Credere commission is normally calculated o total sales
  • Discount at the time of retirement of a Bill is a given for the drawee
  • The owner of a shop feels that he has made a loss due to closing stock being zero
If the bill falls due for payment on 15th August, then the payment must be made on ____________ January.
  • 14th August
  • 15th August
  • !6th August
  • 18th August
Mr.Lava draws a bill on Mr.Kusha on 1st April, 2018 for Rs. 30,000 for 3 months payable after sight. The bill was accepted on 7th April,Calculate due date for the above bill?
  • 7th July, 2018
  • 4th July, 2018
  • 1st July, 2018
  • 10th July, 2018

The cancellation of the old bill maturity in return for a new bill (which includes interest) for an extended period is called ________________.
  • Retiring of a bill
  • Renewal of a bill
  • Dishonor of a bill
  • Rebate on bill

On 1st Jan, 2017 X sold goods to Y for Rs 10,000 on credit basis. On the same date X drew a bill for Rs 10,000 on Y at two months. Y accepted the bill and returned it to X. On the due date Y could not honor acceptance. What is the journal for recording the dishonor of a bill?
  • Y A/c   Dr                               10,000
        To Bills recievable A/c               10,000
  • Bills Receivable A/c Dr.               10,000
                   To Y A/c                              10,000
  • Bills Payable A/c   Dr              10,000
                           To X A/c Rs.          10,000
  • X A/c      Dr.                            10,000
         To Bills payable A/c                  10,000
State whether the following statements are True and False.
Drawee can transfer the ownership of the bill.
  • True
  • False
Which of the following would be considered a risk-free investment?
  • Gold
  • Equity in a house
  • High-grade corporate bonds
  • Treasury bills
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