Bills Of Exchange Exam Quiz!

173 Questions | Total Attempts: 807

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Bills Of Exchange Exam Quiz! - Quiz

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Questions and Answers
  • 1. 
    On 1.1.05 X draws a bill on Y for Rs.20,000 for 3 months.  Due date of the bill will be:
    • A. 

      1.4.05

    • B. 

      3.4.05

    • C. 

      4.4.05

    • D. 

      4.5.05

  • 2. 
    On 15.8.05 X draws a bill on Y for 3 months for Rs.20,000. 18th Nov was a sudden holiday, due date of the bill will be :
    • A. 

      17th Nov

    • B. 

      18th Nov

    • C. 

      19th Nov

    • D. 

      15th Nov

  • 3. 
    On 16.6.05 X draws a bill on Y for Rs.25,000 for 30 days. 19th July is  a public  holiday,due date of the bill be:    
    • A. 

      19th July

    • B. 

      18th July

    • C. 

      17th July

    • D. 

      16th July

  • 4. 
    X draws a bill on Y for Rs.30,000 on1.1.05.X accepts the same on 4.1.05. Period of the bill 3 months after date. What will be the due date of the bill:
    • A. 

      4.4.05

    • B. 

      3.4.05

    • C. 

      7.4.05

    • D. 

      8.4.05

  • 5. 
    X draws a bill on Y.X endorsed the bill to Z.the payee of the bill will be: 
    • A. 

      X

    • B. 

      Y

    • C. 

      Z

    • D. 

      None

  • 6. 
    A bill of 12,000 was discounted by A with the banker for 11,880. At maturity the bill returned dishonoured,noting charges Rs.20. How much amount will be the bank deduct from A's bank balance at the time of such dishonour ?
    • A. 

      12,000

    • B. 

      11,880

    • C. 

      12,020

    • D. 

      11,900

  • 7. 
    X draws a bill on Y for Rs.20,000 on 1.7.05 for 3 months after sight, date of acceptance is 6.7.05. Due date of the bill will be :
    • A. 

      8.10.05

    • B. 

      9.10.05

    • C. 

      10.10.05

    • D. 

      11.10.05

  • 8. 
    X sold goods to Y for Rs.1,00,000.Y paid cash Rs. 30,000. X will grant  2% discount on balance and Y requests X to draw a bill for balance, the amount of bill will be:
    • A. 

      98,000

    • B. 

      68,000

    • C. 

      68,600

    • D. 

      70,000

  • 9. 
    On 1.1.05 X draws a bill on Y for Rs.50,000  for 3 months. X got the bill discounted on 4.1.05 at 12% per annum. The amount of discount on bill will be:
    • A. 

      1500

    • B. 

      1600

    • C. 

      1800

    • D. 

      1450

  • 10. 
    Mr. A draws a bill on Mr.Y for Rs.30,000 on 1.1.05 for 3 months. On 4.2.06 X got the bill discounted at 12% per annum. The amount of discount will be
    • A. 

      900

    • B. 

      600

    • C. 

      300

    • D. 

      650

  • 11. 
    X draws a bill on Y for Rs.20,000  for 3 months on 1.1.05. The bill is discounted with banker at a charge of Rs.100. at maturity the bill return dishonoured. In the books of X,for dishonour the bank account will be credited by:
    • A. 

      19,900

    • B. 

      20,000

    • C. 

      20,100

    • D. 

      19,800

  • 12. 
    On 1.1.05 X draws a bill on Y for Rs.10,000. At maturity Y request X to renew the bill for 2 months at 12% p.a. interest. Amount of interest will be:
    • A. 

      200

    • B. 

      150

    • C. 

      180

    • D. 

      190

  • 13. 
    On 1.1.05 X draws a bill on Y for Rs.15,000  for 3 months. At maturity Y request X to accept Rs.5000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a. interest. The amount of interest will be:
    • A. 

      200

    • B. 

      300

    • C. 

      240

    • D. 

      380

  • 14. 
    On 1.8.05 X draws a bill on Y for 30 days after sight, the date of acceptance is 08.08.0. The due date date of the bill will be: 
    • A. 

      08.09.05

    • B. 

      10.09.05

    • C. 

      11.09.05

    • D. 

      09.09.05

  • 15. 
    On 1.6.05 X draws a bill on Y for Rs.25,000.  At maturity Y request X to accept Rs.5000 in cash and noting charges incurred Rs.100 and for the balance X draws a bill on Y for 2 months at 12 % p.a. Interest amount will be:
    • A. 

      410

    • B. 

      420

    • C. 

      440

    • D. 

      400

  • 16. 
    On 1.1.05 X draws a bill on Y for Rs.50,000. At maturity,the bill returned dishonoured as Y become insolvent and 40 paise per rupee is recovered from his estate. The amount recovered is:
    • A. 

      20,000

    • B. 

      Nil

    • C. 

      30,000

    • D. 

      40 paise

  • 17. 
    X draws a bill on Y for Rs.3,000. X endorsed to Z. Y will pay the amount of the bill to:
    • A. 

      X

    • B. 

      Z

    • C. 

      To himself

    • D. 

      None

  • 18. 
    On 1.1.05 X draws a bill on Y for  3 months for Rs.10,000. On 4.3.05, Y pays the bill amount to X at 12% discount ,the amount of discount will be :
    • A. 

      100

    • B. 

      200

    • C. 

      300

    • D. 

      50

  • 19. 
    Ram draws on Aslam a bill for Rs.60,000 on 1.4.01 for 2 months . Aslam accepts the bill and sends it to Ram who gets it discounted for Rs.58,800. Ram immediately remits Rs.19,600 to Aslam. On due date,Ram being unable to remit  the amount due accepts  a bill for RS.84,000 for 2 months which is discounted by Aslam for 82,200. Aslam sends Rs.14,800 to Ram out of the same. How much discount will be borne by Ram at the time of 14,800 remittances:
    • A. 

      1200

    • B. 

      1800

    • C. 

      1100

    • D. 

      800

  • 20. 
    Mr.Bobby sold goods worth  Rs.25,000 to Mr.Bonny. Bonny immediately accepted a bill on 01.11.01,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 recovered from Bonny's estate. How much amount of bad will be recorded in the books of Bobby:
    • A. 

      12,500

    • B. 

      9,437

    • C. 

      11,687

    • D. 

      13,650

  • 21. 
    The purpose of accommodation bill is: 
    • A. 

      To finance actual purchase or sale of goods

    • B. 

      To facilitate trade transmission

    • C. 

      When both parties are in need of funds

    • D. 

      At will

  • 22. 
    M sold goods worth of Rs.50,000 to N. On 1.10.05,N immediately accepted a three month bill. On due date N requested that the bill be renewed for fresh period of 3 months. N agrees to pay interest @ 18 % p.a. in cash. How much interest to be paid in cash by N?
    • A. 

      2250

    • B. 

      1800

    • C. 

      2000

    • D. 

      1100

  • 23. 
    On 1.1.05 X draws a bill on Y for Rs.30,000. At maturity Y request X to draw a fresh bill for 2 months together with 12 % p.a. interest. Noting charges Rs.100. The amount of interest will be:
    • A. 

      600

    • B. 

      602

    • C. 

      500

    • D. 

      550

  • 24. 
    On 18.02.05 A draw a bill on B for Rs.10,000. B accepted the bill on 21.02.05. The bill is drawn for 30 days after sight. The due date of the bill will be:
    • A. 

      24.3.05

    • B. 

      22.3.05

    • C. 

      26.3.05

    • D. 

      21.3.05

  • 25. 
    X sold goods to Y for Rs.3,00,000. Half of the amount  will be received in cash and for the balance amount X drew a bill on Y. What is the Bill amount?
    • A. 

      1,50,000

    • B. 

      3,00,000

    • C. 

      1,00,000

    • D. 

      1,20,000

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