WorksheetsBILL OF EXCHANGE
Total questions: 65
Worksheet time: 1hrs 5mins
A charge collected by the bank on dishonoured bill is known as………….
(a)
A person who draws the bill is known as………..
(a)
Bills of exchange are drawn by………
(a)
Transferring the right of bills receivable is called as…………
(a)
Bills of exchange are accepted by ……
(a)
Bills of exchange are governed by………………… act
(a)
Drawer is the……………….of bills of exchange.
(a)
Liability to pay Noting Charges is taken by….…
(a)
Bill payable on demand is called ……..
(a)
………….include Creditors and Bills Payables.
(a)
Drawee may have to pay …….to drawer for the extended period.
(a)
Discount offered by the holder of bill to get payment prior to maturity date is known as……?
(a)
In case the bill gets dishonoured………..a/c is debited.
(a)
If maturity date of bill is national holiday then due date will be ……
(a)
If maturity date of bill is unforeseen holiday then maturity date will be……
(a)
Bills receivable account comes under …….Assets in balance sheet.
(a)
Drawers can……………the bill to get instant payment of bill.
(a)
Bill is kept by drawer till maturity the payment will go to……...
(a)
Ram makes a promise to pay Rs.20,000 to Mohan after 1 month through …………..(Negotiable instrument).
(a)
If the bill is endorsed in the favour of creditor then there will ………. in the books of drawer. (Journal )
(a)
Due to acceptance of Bill of Rs.5000 from Ram such transaction not affected ……….position of Ram.
(a)
There is contingent liability of Mr. Mohan towards bank because he gets the bill………..
(a)
Purchases a/c Dr.
To Bank a/c
To ………….a/c
(Bought goods from Mohan and half payment made through cheque and bill accepted for remaining balance)
(a)
Sold goods to Rani Rs.5000 ,Trade Discount @10%, cash discount @2%, a bill drawn for one month for dues of Rs………..
(a)
Bill of Rs.5,000 receivable after two months discounted @ 6% p.a., after discounting bank will pay Rs. ………
(a)
A bill was drawn on 12th of July for one month then maturity date will be …….
(a)
A bill was drawn on Aug 21, 2018 for one month, if maturity date is declared emergency holiday then due date will be…………
(a)
Vandna shows inability to pay her acceptance of Rs…………and accepted a new bill of Rs. 11,165 along with interest @6% (due after 3 months)
(a)
A person who draws the bill is called drawee.
True
False
A charge collected by bank on dishonoured is known as rebate.
True
False
Drawee may have to pay interest to the drawer for the extended period of credit.
True
False
A bill of exchange must be accepted by the payee.
True
False
A bill payable on demand is called bill at sight.
True
False
When discounted bill is dishonoured debtor is debited in the book of drawer.
True
False
If on maturity date of bill is national holiday then maturity date will be next working day.
True
False
If maturity date of bill is unforeseen holiday then maturity date will be next working day.
True
False
‘A’ draws a bill on ‘B’, here A is drawer.
True
False
Ram says Shyam to pay particular sum of money to him. In this oral transaction negotiable instrument Act applied.
True
False
Dharma draws a bill on Hema. Hema failed to pay amount, now the burden of noting charges will be on Dharam.
True
False
Anand draws a bill on Vijay & maturity date is 15 August now he has to pay amount to Anand on 16 August.
True
False
Maturity date for a bill written on 28 Nov 2015 for three months and 28 January 2016 for one month will be same i.e.2nd March.
True
False
Ram draws a bill on Shyam which is ‘bill at sight’ on 28 March and pay as soon as possible. Then days of grace will be added for computing due date.
True
False
In which Act a bill of exchange is defined as an “Negotiable Instrument”
a. Negotiable Instrument Act 1881
b. Negotiable Instrument Act 1932
c. Negotiable Instrument Act 1956
d. Negotiable Instrument Act 1856
A bill of exchange is order to Make payment by
a. Conditional
b. Unconditional
c. A & B both
d. None of the Above
A bill of exchange must be accepted by
a. Drawer
b. Drawee
c. Payee
d. Holder of bill
A bill payable on demand is called
a. Time Bill
b. Sight Bill
c. Endorsement of bill
d. Retiring of the bill
If Drawee paid the bill before maturity is known
a. Renewal of a bill
b. Dishonour of a bill
c. Retirement of a bill
d. Endorsement of a bill
If Drawer transfer the bill before maturity date is known
a. Renewal of a bill
b. Dishonour of a bill
c. Retirement of a bill
d. Endorsement of a bill
Noting charges are borne by
a. Drawee
b. Drawer
c. Holder of bill
d. Notary Public
Liability for a discounted bill is a
a. Contingent liability
b. Current liability
c. Non-current Liability
d. None of the Above
At the time of renewal of the bill interest is charged for the period of
a. Three month
b. Six Month
c. Original bill
d. Fresh bill
When rebate on a Bill allowed
a. On Renewal of a bill
b. On Dishonour of a bill
c. On Retirement of a bill
d. On Endorsement of a bill
The Bills Receivable book is part of
a. Journal
b. Ledger
c. Trial balance
d. Balance sheet
Noting charges Account is debited by
a. Drawer
b. Drawee
c. Payee
d. Notary public
If due date of bill falls on a holiday then the maturity date is on
a. Next day of the Maturity date
b. A day before the Maturity date
c. On maturity date
d. After three days
If Pankaj’s acceptance which was discounted from bank is dishonoured then the amount will be debited in our books
a. Pankaj
b. Bank
c. Bills Receivable account
d. None of the above
If Sohan’s acceptance which was discounted from bank is dishonoured then the amount will be credited in our books
a. Sohan
b. Bank
c. Bills Receivable account
d. None of the above
If Mohan’s acceptance which was endorsed to Mrs Jivika is dishonoured then the amount will be Credited in our books
a. Mohan
b. Jivika
c. Bills Receivable account
d. None of the above
Bill draw on 23rd Oct.2018 for three months due date is
a. 23rd Jan.2019
b. 24th Jan.2019
c. 25th jan.2019
d. 26th jan.2019
A bill draw on 27th Dec.2015 for two months due date is
a. 27th Feb. 2016
b. 1 st Mar. 2016
c. 2 nd Mar. 2016
d. None of above
Identify
(a)
Identify
(a)
Identify
(a)
Name both the parties
(a)
Ram failed to pay his acceptance of Rs.20000 (noting charges rs.200) and requited for new bill with interest @6% for 3 months. New bill drew for
a. Rs.20000
b. Rs.20200
c. Rs.20500
d. None of the Above
