CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 7 - MCQExams.com

Average due date is also called ___________.
  • Zero date
  • Equated date
  • Cut off date
  • Maturity date
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
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
Bill of exchange is defined in sections . of the Negotiable Instrument Act
  • 5
  • 4
  • 10
  • 7
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
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
A bill of exchange is drawn by
  • Drawer
  • Drawee
  • Payee
  • Endorsee
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
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
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
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers