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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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