CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 6 - MCQExams.com

At the time of retirement of a bill a exchange, the drawee credit ___________.
  • interest A/c
  • commission A/c
  • bank A/c
  • bills receivable A/c
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 __________.
  • $$30$$
  • $$25$$
  • $$7.5$$
  • $$22$$
Noting fee means __________.
  • charges for noting the bill of exchange in the books of account
  • payments made to the notary public for recording the fact of the bill getting dishonoured
  • interest till the maturity date
  • commission paid to the bank
Documents of title
Which of these is an odd one so for document of title is concerned.
  • Bill of lading
  • Money order
  • Dock warrant
  • Railway receipt
ABC Ltd. had a networking capital of Rs. $$500,000$$ on 31.12.08, if an a bill outstanding amounting to Rs. $$50,000$$ is paid in cash, the working capital of ABC Ltd. will be _______
  • Rs. $$550,000$$
  • Rs. $$450,000$$
  • Rs. $$500,000$$
  • Rs. $$600,000$$
L of Lucknow consigned goods costing Rs.60,000 to A of Allahabad at an invoice price bearing 33.1/3 mark up on the cost price. Goods costing Rs.15,000 were damaged in the transit and the insurance company admitted the claim in full. Expenses incurred by the consigner on loading and transportation of the goods amounted to Rs.The consignee incurred Rs.200 on cartage and Rs.6000 as Godown Rent and sold 2/3 of the goods received by him at the invoice price. He is entitled to 5% normal commission and 2.5% delcredere commission. Find the value of goods sold
  • Rs.60,000
  • Rs.40,000
  • Rs.55,000
  • Rs.50,000
X draws a bill of exchange of Y for $$Rs. 20,000$$ payable in $$4$$ months. On the due date Y could not make the payment and requested X to renew a fresh bill for another three months at $$12$$% interest p.a. The amount of fresh bill will be ____________.
  • $$Rs. 20600$$
  • $$Rs. 20400$$
  • $$Rs. 22400$$
  • $$Rs. 21300$$
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
From the following details estimated net debtors. 
Debtors as on 31.03.09 Rs. $$800000$$
Bill received includes B/R Rs. $$10,000$$ returned dishonoured
Included in the debtors Rs. $$6000$$ being amount due from the proprietor for his personal expenses paid by the firm
Debtors includes Rs. $$5000$$ due from $$S$$ who has been declared insolvent and a final dividend of $$0.25$$ in a rupees is likely to be realized from his estate. The firm intends to make $$5$$% provision for doubtful debts
  • Rs. $$800,000$$
  • Rs. $$810,000$$
  • Rs. $$7,90,000$$
  • Rs. $$7,99,000$$
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. $$55,000$$
$$X$$ 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. $$125,000$$
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
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
Which of these is not a valid document of title to goods.
  • Bill of lading
  • Railway receipt
  • Warehouse keepers certificate
  • Signed acknowledgement of receipt of goods
Who bears noting charges in case of dishonour of a bill of exchange.
  • Drawer
  • Drawee
  • Both
  • Bank
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
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
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
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
Goods in transit are included in....
  • Sales
  • Closing stock
  • Sundry debtors
  • Contingent liability
The periodic total of bills payable book is posted to __
  • Debit side of BR A/c
  • Credit side of BP A/c
  • Credit side of BR A/c
  • Credit side of Debtors A/c
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
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