When a bill of exchange is endorsed by the drawer to his creditor and is dishonored by drawee at the time of maturity. What will be the journal entry in books of the drawer?

(b) Drawee A/c Dr. To Creditors A/c

(a) Drawee A/c Dr.To Bill Receivable A/c

(b) Drawee A/c Dr. To Creditors A/c

(c) Bill Receivable A/c Dr. To Creditor A/c

A’ draws a bill on ‘B’, but did not accept the same. Which of the following journal entry should be passed in the books of ‘A’.

(d) No entry will be required/ passed.

(a) Bills Receivable A/c Dr To B

(c) B Dr. To Bills Receivable A/c

(d) No entry will be required/ passed.

The Noting changes levied on dishonor of an endorsed bill by the Notary Public are to be born by :

(d) Person responsible for dishonor

When a bill is renewed, then entry will be:

(b) Entries for cancellation of old bill and renewal of bill

Bill of Exchange Class 12 MCQ Questions With Answers Quiz

4.

Manu’s acceptance to Rishi ₹12,000 is retired two months before the due date at a discount of 10% p.a. In the books of Rishi, the journal entry will be.

(a) Cash a/c Dr. 10,800 Discount a/c Dr. 1,200 To Bills Receivable a/c 12,000

(b) Manu’s a/c Dr. 10,800 Discount a/c Dr. 1,200 To Bills Receivable a/c 12,000

(c) Cash a/c Dr. 11,800 Discount a/c Dr. 200 To Bills Receivable A/c 12,000

(d) Manu’s a/c Dr. 11,800 Discount a/c Dr. 200 To Bills Receivable a/c 12,000

1.

The Bills Receivable book is part of

2.

If Pankaj’s acceptance which was discounted from bank is dishonoured then the amount will be debited in our books

3.

X draws a bill on Y for ₹ 5,000 for 3 months. Before the due date Y sends 1/5th of the amount to X, Y requested X to draw a new bill for the balance amount plus interest @ 12% p.a. for 3 month. Find the amount of the new bill?

4.

Manu’s acceptance to Rishi ₹12,000 is retired two months before the due date at a discount of 10% p.a. In the books of Rishi, the journal entry will be.

5.

A drew a bill on B. A endorsed this bill to C in settlement of his debt amounting to ₹ 35,000 at 2% discount and paid ₹ 5,000 in cash. What will be the amount of the bill drawn on B?

6.

When a bill of exchange is endorsed by the drawer to his creditor and is dishonored by drawee at the time of maturity. What will be the journal entry in books of the drawer?

7.

A’ draws a bill on ‘B’, but did not accept the same. Which of the following journal entry should be passed in the books of ‘A’.

8.

The Noting changes levied on dishonor of an endorsed bill by the Notary Public are to be born by :

9.

When rebate on a Bill allowed

10.

If the bill is accepted and the amount is given before the due date (i.e. maturity), the bill is said to be:

11.

A draws a bill on B for ₹ 30,000. A wants to endorse it to C in settlement of ₹35,000 at 2% discount with the help of B’s acceptance and balance in cash. How much cash A will pay to C?

12.

If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be the due date of the bill if the term of the bill is 30 days after sight?

13.

If due date of a bill is a public holiday then it’s due date will be:

14.

A bill of exchange must be accepted by

15.

A bill of exchange is drawn by Mr. Mahesh on Mr. Mohan for ₹ 10,000 on 30th January, 2012 for one month. The due date of the bill would be:

16.

When the drawee becomes insolvent, the amount not ultimately paid to the drawer will be credited in the books of drawee to:

17.

A draws a bill for ₹ 15,000 which is accepted by B. They agree to share the proceeds in the ratio of 3 : 2. A discounts the bill with the bank at 10% p.a., maturity 2 months. What amount will be remitted by A to B after discounting the bill?

18.

When a bill is renewed, then entry will be:

19.

Indian Currency is a

20.

A draws bill of exchange on B for ₹ 15,000 for 3 months on 12th May 2008. What will be the due date?

21.

On 1.1.2005 X draws a bill on Y for 30,000 for 3 months. At maturity Y requests X to accept 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:

22.

In bill of exchange, the term of a _________ commences from the date of acceptance of the bill.

23.

On 1.6.07 X draws a bill on Y for 25,000. At maturity Y request X to accept 5,000 in cash and noting charges incurred 100 and for the balance X draw a bill on Y for 2 months at 12% p.a. Interest amount will be:

24.

If a firm usually receives a number of promissory / notes, it would be convenient to record the transaction in a separate book called .............. .

25.

A draws a bill on B for ₹ 50,000 for 3 months. At maturity, the bill returned dishonored noting charges ₹ 500. 40 paisa in a rupee is recovered from B’s estate. The amount of deficiency to recorded on insolvency in books of B will be :

26.

If Drawer transfer the bill before maturity date is known

Time

1. The Bills Receivable book is part of

2. If Pankaj’s acceptance which was discounted from bank is dishonoured then the amount will be debited in our books

3. X draws a bill on Y for ₹ 5,000 for 3 months. Before the due date Y sends 1/5th of the amount to X, Y requested X to draw a new bill for the balance amount plus interest @ 12% p.a. for 3 month. Find the amount of the new bill?

4. Manu’s acceptance to Rishi ₹12,000 is retired two months before the due date at a discount of 10% p.a. In the books of Rishi, the journal entry will be.

5. A drew a bill on B. A endorsed this bill to C in settlement of his debt amounting to ₹ 35,000 at 2% discount and paid ₹ 5,000 in cash. What will be the amount of the bill drawn on B?

6. When a bill of exchange is endorsed by the drawer to his creditor and is dishonored by drawee at the time of maturity. What will be the journal entry in books of the drawer?

7. A’ draws a bill on ‘B’, but did not accept the same. Which of the following journal entry should be passed in the books of ‘A’.

8. The Noting changes levied on dishonor of an endorsed bill by the Notary Public are to be born by :

9. When rebate on a Bill allowed

10. If the bill is accepted and the amount is given before the due date (i.e. maturity), the bill is said to be:

11. A draws a bill on B for ₹ 30,000. A wants to endorse it to C in settlement of ₹35,000 at 2% discount with the help of B’s acceptance and balance in cash. How much cash A will pay to C?

12. If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be the due date of the bill if the term of the bill is 30 days after sight?

13. If due date of a bill is a public holiday then it’s due date will be:

14. A bill of exchange must be accepted by

15. A bill of exchange is drawn by Mr. Mahesh on Mr. Mohan for ₹ 10,000 on 30th January, 2012 for one month. The due date of the bill would be:

16. When the drawee becomes insolvent, the amount not ultimately paid to the drawer will be credited in the books of drawee to:

17. A draws a bill for ₹ 15,000 which is accepted by B. They agree to share the proceeds in the ratio of 3 : 2. A discounts the bill with the bank at 10% p.a., maturity 2 months. What amount will be remitted by A to B after discounting the bill?

18. When a bill is renewed, then entry will be:

19. Indian Currency is a

20. A draws bill of exchange on B for ₹ 15,000 for 3 months on 12th May 2008. What will be the due date?

21. On 1.1.2005 X draws a bill on Y for 30,000 for 3 months. At maturity Y requests X to accept 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:

22. In bill of exchange, the term of a _________ commences from the date of acceptance of the bill.

23. On 1.6.07 X draws a bill on Y for 25,000. At maturity Y request X to accept 5,000 in cash and noting charges incurred 100 and for the balance X draw a bill on Y for 2 months at 12% p.a. Interest amount will be:

24. If a firm usually receives a number of promissory / notes, it would be convenient to record the transaction in a separate book called .............. .

25. A draws a bill on B for ₹ 50,000 for 3 months. At maturity, the bill returned dishonored noting charges ₹ 500. 40 paisa in a rupee is recovered from B’s estate. The amount of deficiency to recorded on insolvency in books of B will be :

26. If Drawer transfer the bill before maturity date is known

Time

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1.

The Bills Receivable book is part of

2.

If Pankaj’s acceptance which was discounted from bank is dishonoured then the amount will be debited in our books

3.

X draws a bill on Y for ₹ 5,000 for 3 months. Before the due date Y sends 1/5th of the amount to X, Y requested X to draw a new bill for the balance amount plus interest @ 12% p.a. for 3 month. Find the amount of the new bill?

4.

Manu’s acceptance to Rishi ₹12,000 is retired two months before the due date at a discount of 10% p.a. In the books of Rishi, the journal entry will be.

5.

A drew a bill on B. A endorsed this bill to C in settlement of his debt amounting to ₹ 35,000 at 2% discount and paid ₹ 5,000 in cash. What will be the amount of the bill drawn on B?

6.

When a bill of exchange is endorsed by the drawer to his creditor and is dishonored by drawee at the time of maturity. What will be the journal entry in books of the drawer?

7.

A’ draws a bill on ‘B’, but did not accept the same. Which of the following journal entry should be passed in the books of ‘A’.

8.

The Noting changes levied on dishonor of an endorsed bill by the Notary Public are to be born by :

9.

When rebate on a Bill allowed

10.

If the bill is accepted and the amount is given before the due date (i.e. maturity), the bill is said to be:

11.

A draws a bill on B for ₹ 30,000. A wants to endorse it to C in settlement of ₹35,000 at 2% discount with the help of B’s acceptance and balance in cash. How much cash A will pay to C?

12.

If a bill is drawn on 1st Jan, and accepted on 8th Jan. What will be the due date of the bill if the term of the bill is 30 days after sight?

13.

If due date of a bill is a public holiday then it’s due date will be:

14.

A bill of exchange must be accepted by

15.

A bill of exchange is drawn by Mr. Mahesh on Mr. Mohan for ₹ 10,000 on 30th January, 2012 for one month. The due date of the bill would be:

16.

When the drawee becomes insolvent, the amount not ultimately paid to the drawer will be credited in the books of drawee to:

17.

A draws a bill for ₹ 15,000 which is accepted by B. They agree to share the proceeds in the ratio of 3 : 2. A discounts the bill with the bank at 10% p.a., maturity 2 months. What amount will be remitted by A to B after discounting the bill?

18.

When a bill is renewed, then entry will be:

19.

Indian Currency is a

20.

A draws bill of exchange on B for ₹ 15,000 for 3 months on 12th May 2008. What will be the due date?

21.

On 1.1.2005 X draws a bill on Y for 30,000 for 3 months. At maturity Y requests X to accept 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:

22.

In bill of exchange, the term of a _________ commences from the date of acceptance of the bill.

23.

On 1.6.07 X draws a bill on Y for 25,000. At maturity Y request X to accept 5,000 in cash and noting charges incurred 100 and for the balance X draw a bill on Y for 2 months at 12% p.a. Interest amount will be:

24.

If a firm usually receives a number of promissory / notes, it would be convenient to record the transaction in a separate book called .............. .

25.

A draws a bill on B for ₹ 50,000 for 3 months. At maturity, the bill returned dishonored noting charges ₹ 500. 40 paisa in a rupee is recovered from B’s estate. The amount of deficiency to recorded on insolvency in books of B will be :

26.

If Drawer transfer the bill before maturity date is known