CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 8 - MCQExams.com

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
A Consignor is entitled to ........
  • Commission on sales
  • Del credre commission
  • Profit on consignment
  • Reimbursement of expenses
If the buyer obtains delivery of goods before arrival at the destination, transit
  • Comes to an end
  • Continues
  • Comes to halt
  • None
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
X draws a $$30$$ days bill of exchange for Rs.$$25,000$$ upon Y on $$15-8-14$$ find the due date of the bill.
  • $$17-09-14$$
  • $$15-09-14$$
  • $$14-09-14$$
  • $$18-09-14$$
Which of these are not essential elements of the representation
  • Material fact
  • Intention to cheat
  • Representation to be wrong
  • None of these
X draw a bill of exchange on Y for Rs. 20,000 payable in 3 months. On the due date Y could not make the payment and Y got it notified from the Notary public on payment of noting charges of Rs.Y requested him to draw a fresh bill for another two month at 12% interest p.a. The amount of fresh bill will be
  • Rs. 20502
  • Rs. 20500
  • Rs. 20600
  • Rs. 20000
Protest is a certified issued by notary for registration of ___________.
  • dishonour of a bill of exchange
  • renewal of a bill of exchange
  • confirmation payment of a bill of exchange
  • confirmation of death of the drawee
A __________ is a Bill of exchange drawn on a specific bank and not expressed to be payable otherwise than on demand.
  • Cheques
  • Bill receivable
  • Promissory note
  • Hundi
All instruments which are not...... instrument are foreign bills.
  • inland
  • trade
  • accommodation
  • crossed
On receipt of goods sent on consignment what entry is passed by the consignee.
  • Dr Goods A/c, Credit Consignor A/c
  • Dr Consignment A/c, Credit Goods A/c
  • No entry at all
  • Dr Purchase A/c, Credit consignment a/c
X consigned $$500$$ boxes Cherry Costing Rs. $$500$$ per box to Y. He incurred Rs. $$5,500$$ towards transportation and insurance. Y paid Rs. $$1,000$$ as transportation from port to his godown, Rs. $$300$$ godown insurance Rs. $$200$$ godown rent and Rs. $$1,000$$ as salesman's commission. Due to weather conditions $$50$$ boxes were totally spoiled in transit which is considered a normal loss. Find the value of closing stock if Y sold $$400$$ boxes @ Rs. $$600$$ per box.
  • Rs. $$28,500$$
  • Rs. $$21,899$$
  • Rs. $$25,722$$
  • Rs. $$23,210$$
Which of these is an essential feature of a valid consideration.
  • It should be reasonableness
  • It should be at the desire or request of the promisor
  • It should be at the instance of the promisee
  • It must be definite
On 1st April X received a cheque of Rs.5,000, which was banked only on 3rd April. On 1st April the amount of Rs.5,000 will be recorded in ......
  • Cash column of cash book Dr. side
  • Bank column of cash book Dr. side
  • Either (a) or (b)
  • Nowhere
Commission on consignment belongs to .
  • Consignor
  • Consignee and Consignor
  • Consignee
  • None
When Bills Receivable is returned dishonoured by the drawee, which of these a/c's is credited by the drawer.
  • Drawee A/c
  • Bank A/c
  • BP A/c
  • BR A/c
Rs. 1000 note is a ..
  • Bill of exchange
  • Undertaking
  • Promissory note
  • Hundy
When a Bill of Exchange is discounted by the drawer, what entry is passed by the drawee of the bill of exchange
  • Dr Bills receivables and credit bank A/c
  • Dr Bank a/c and credit BR a/c
  • No entry at all
  • Cash Dr and Drawee Credit
When a bill is discharged, the receiver debits ___________.
  • creditor's A/c
  • cash A/c
  • bills payable A/c
  • drawer's A/c
Bill of exchange are drawn by.......... and accepted by.
  • Creditor, Debtors
  • Bankers, creditors
  • Creditors, bankers
  • Banker, debtors
Mental Health Care Bill 2016 seeks to
Decriminalise suicide
Prohibit electro-convulsive therapy
Provide right to make Advance Directives
Provide for seclusion and solitary confinement in few cases
  • 1, 2 and 4
  • 2, 3 and 4
  • 1, 2 and 3
  • All of the above
When a Bill of Exchange is endorsed by the drawer in favour of third party, what entry is passed by the drawee of the bill of exchange
  • Dr Bills receivables and third partys A/c
  • Dr Bank a/c and credit BR a/c
  • No entry at all
  • Drawer a/c debit and credit third partys A/c
From the following details calculate abnormal profit/loss on the stock lost in transit ____________.
Goods sent on consignment $$(100)=$$ Rs. $$90,000$$
Goods lost in transit $$(2)=$$
Insurance claim received for goods lost in transit Rs. $$2,521$$.
Goods sold by the consignee $$(80)$$ Rs. $$108,000$$
Consignor expenses Rs. $$6,020$$
Consignee expenses Rs. $$9,500$$ which includes Rs. $$5,400$$ sales commission and Rs. $$2,000$$ godown rent.
  • Rs. $$601$$ profit
  • Rs. $$601$$ loss
  • Rs. $$176$$ profit
  • Rs. $$187$$ loss
At the time of drawing a bill, the drawer credits _____________.
  • debtor's A/c
  • creditor's A/c
  • bills receivable A/c
  • bills payable A/c
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