CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 9 - MCQExams.com

Which of these is/are not actionable claim?
  • Bills receivables
  • Promissory note
  • Both
  • None
Maternity Benefits (Amendment) Bill, 2016 provides _______ weeks of full paid maternity leave to women who work in organised sector.
  • 12
  • 26
  • 24
  • 32
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 sent on consignment basis _________.
  • Rs. $$105,000$$
  • Rs. $$110,000$$
  • Rs. $$90,000$$
  • Rs. $$125,000$$
A draws a bill on B for Rs$$5000$$. A endorsed it to C. C endorsed it to D. The payee of the bill will be ______.
  • A
  • C
  • B
  • D
At the time of endorsement of a bill, the drawer credits _________.
  • the drawee
  • the endorsee's personal account
  • bills receivable account
  • cash A/c
Which of the following is not a foreign bill?
  • A bill drawn in India, on a person resident outside India and made payable outside India.
  • A bill drawn outside India, on a person resident outside India
  • A bill drawn outside India, made payable in India
  • A bill drawn on a person resident in India, made payable in India.
Which of the following instruments is not a negotiable instrument?
  • Bearer cheque
  • Promissory note
  • Bill of exchange
  • Crossed cheque
Under which circumstances drawer and payee is same person?
  • When drawer discounted the bill with banker.
  • When drawer endorsed the bill to the third party.
  • When drawer held the bill till maturity.
  • When drawer rejects to accept the bill.
A bill of exchange contains ___________.
  • a promise
  • an unconditional order
  • a request to deliver the goods
  • none of the above
A promissory note contains ____________.
  • A promise
  • An unconditional order
  • A request to deliver the goods
  • None of the above
The promissory note should be signed by _________.
  • drawer
  • drawee
  • payee
  • promisor
Bills receivable endorsed are debited to ___________.
  • debtor's account
  • creditor's account
  • bills payable account
  • bills receivable account
On 1.1.05 X draws a bill on Y for Rs. 20,000 for 3 months. At maturity Y requests X to renew the bill for 2 months at 12% p.a interest. Amount of interest will be _________.
  • Rs. 400
  • Rs. 300
  • Rs. 360
  • Rs. 380
On 1.6.05 X draws a bill on Y for Rs. 50,At maturity Y requested X to accept Rs. 10,000 and noting charges incurred Rs. 200 in cash and for the balance X draws a bill on Y for 2 months at 12% p.a. Interest amount will be _________.
  • Rs. 820
  • Rs. 840
  • Rs. 880
  • Rs. 800
Notary public may charge his fee from the __________.
  • drawer
  • drawee
  • holder of bill of exchange
  • none of the above
On 1.1.05 X draws a bill on Y for Rs. 30,000 for 3 months. At maturity Y requests X accepts Rs 10,000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a interest, Amount of interest will be ___________.
  • Rs. 400
  • Rs. 600
  • Rs. 480
  • Rs. 760
A bills of exchange not covered under negotiable Act. are _______.
  • Hundis
  • Share dividend warranty
  • Promissory note
  • Bearer debentures
S draws 2 bills of exchange on 1.1.06 for Rs. 3,000 and Rs. 10,000 respectively . The bill of exchange for Rs. 3,000 is for 2 months, while the bill of exchange for Rs. 10,000 is for 3 months. These bills are accepted by K. On 4.3.06 K requests S to renew the first bill with interest at 18% p.a for a period of 2 months. S agrees to this proposal. On 20.3.06 K retires the acceptance for Rs. 10,000 the interest rebate, i.e., discount being Rs. 50.
Before the due date of the renewed bill K becomes insolvent and only 60 paise in a rupee can be recovered from his estate. How much bed debt will be recorded in the books of S?
  • RS. 1,236
  • Rs. 1,854
  • Rs. 3,090
  • Rs. 3,000
When the bill is to be produced to notary public at the time of ___________.
  • Drawing the bill
  • Acceptance of the bill
  • Dishonour of the bill
  • Bills for collection
For mutual accommodation of A and B, B accepted a bill drawn on him by A for 2 months Rs. 12,The said bill is discounted at 12% p.a and remitted 1/3rd of the proceeds to B. The amount remitted by A to B will be _________.
  • Rs. 4,000
  • Rs. 3,920
  • Rs. 3,840
  • Rs. 3,800
A draws a bill on B for Rs. 60,A endorsed it to C in full settlement of Rs. 60,On due date, the bill was dishonored. Noting charge of Rs. 500 was paid. A wanted to pay the amount to C at 2% discount. The amount to be paid by A to C will be ___________.
  • Rs. 60,000
  • Rs. 60,500
  • Rs. 59,780
  • Rs. 61,000
Bills receivable discounted but not done till the date of final accounts is shown in ___________.
  • profit & loss account
  • assets
  • liabilities
  • notes to accounts
X draws a bill on Y for Rs$$10,000$$. X endorsed it to Z. Y will pay the amount of the bill on maturity to _______.
  • X
  • Z
  • Y
  • None of the above
A draws an accommodation bill on B. The proceeds are to be shared by A and B in the ratio of 3:The amount of bill is Rs. 6,000, discounting charges Rs.Discount borne by A will be ________.
  • Rs. 75
  • Rs. 100
  • Rs. 83
  • none of the above
A draws a bill on B for Rs. 6,000 for mutual accommodation in the ratio 2:1, A got it discounted Rs. 5,800 and remitted 1/3rd of the proceeds to B. At the time of maturity, how much amount A should remit to B so that B can pay off the bill?
  • Rs. 4,000
  • Rs. 3,867
  • Rs. 3,000
  • Rs. 3,010
A drew a bill on B for Rs. $$50,000$$ for $$3$$ months. Proceeds are to be shared equally. A got the bill discounted at $$12\%$$ p.a. and remits required proceeds to B. The amount of such remittance will be.
  • $$24,250$$
  • $$25,000$$
  • $$16,167$$
  • $$32,333$$
Retiring or outgoing partner:
  • To be liable for firms liabilities.
  • Not liable for any liabilities of the firm.
  • Is liable for obligation incurred before his retirement.
  • Is liable for obligations incurred with his consent only.
Mr Bobby sold goods worth Rs. $$25,000$$ to Mr Bonny. Bonny immediately accepted a bill on $$1.11.01$$, payable after $$2$$ months. Bobby discounted this bill @ $$18\%$$ p.a. on $$15.11.01$$. On the due date Bonny failed to discharge the bill. Later on Bonny became insolvent and $$50$$ paise in a rupee is recovered from Bombay's estate. How much amount of bad debt will be recorded in the books of Bobby.
  • $$12,500$$
  • $$9,437$$
  • $$11,687$$
  • $$13,650$$
Noting Charges account is debited by _________.
  • Drawer
  • Payee
  • Drawee
  • Endorsee
If a bill is drawn on 29th June for 3 months, it will mature on:
  • 1st October
  • 2nd October
  • 3rd October
  • None of the above
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